RIO DE JANEIRO: Latin America's economic powerhouse is increasingly expanding its economic ties with Africa, a sign of how crises in the rich world are pushing faster-growing emerging economies to trade and invest among themselves, economists say. Brazilian officials said President Dilma Rousseff, visiting Ethiopian capital Addis Ababa to mark the African Union's 50th anniversary, was set to announce a new development agency alongside the cancellation that will offer assistance to African countries. "Almost all (aid) is cancellation," Thomas Traumann, spokesman of Brazil's presidency, told reporters in Addis Ababa. Under Brazilian law, Brasilia cannot offer new loans and long-term financial assistance to countries with outstanding debts. Traumann said most of Brazil's future assistance would target infrastructure, agricultural and social programs. BN
