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Home Latest News Latest China lends $20 Billion to Venezuela

China lends $20 Billion to Venezuela

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 This article appeared on the AS/COA Online Report (Americas Society Council of the Americas)

Beijing Pledges $20 Billion to Venezuela
Beijing and Caracas underscored their burgeoning ties over the weekend with $20 billion in Chinese financing, largely for Venezuela’s energy sector.
Beijing and Caracas signed a series of agreements over the weekend, including a Chinese pledge of $20 billion in financing. Central to the accords is a $16.3 billion joint venture between Chinese and Venezuelan energy firms to develop a block in the Orinoco oil belt, helping to secure a Venezuelan oil supply for energy-hungry China. Venezuelan President Hugo Chávez also said the Chinese loans would fundinfrastructure projects in his country, although details were not disclosed.
Last Updated on Wednesday, 21 April 2010 22:11  

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