Israel and Brazil have signed an agreement to invest £3.9m ($5 million) in technology cooperation and innovation over the next five years.

Israel has been reaching out to Latin American countries, with Prime Minister Benjamin Netanyahu visiting twice in less than a year. His wife, Sara, left Sunday for Guatemala at the invitation of Patricia Morales, the wife of the president. She is leading a Foreign Ministry delegation.

The memorandum of understanding between the Israeli government’s tech investment arm, the Israel Innovation Authority, and the Brazilian Agency for Industrial Research and Innovation was announced Monday.

“This agreement is an important first step in the path of technological cooperation, and we anticipate an increase in joint technology collaboration between Israel and Brazil in the coming years,” said Aharon Aharon, CEO of the Israeli Innovation Authority.

The program will support large-scale collaboration projects involving technology, the life sciences, energy and agriculture for up to 24 months.

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