Venezuela: China offers US$20 billion in financing

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Venezuela: China offers US$20 billion in financing

08:23, April 19, 2010      

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Venezuelan President Hugo Chavez said Saturday that China was providing the South American nation with a long-term, $20 billion financing plan to aid the local economy.

"China is going to give financing to Venezuela, to the Venezuelan people ... over the long-term and in large volume of some $20 billion," Chavez said in Caracas at a signing ceremony Saturday.

The Venezuelan leader said the deal was on top of an existing $12 billion Chinese-Venezuelan investment fund in which China deposits money in return for forward sales of oil, a major exporting product of Venezuela.

The president did not specify what areas the new financing were for but China is increasingly involved in Venezuela's crude oil, electricity facilities, food production, infrastructure construction and technology sectors, according to wire reports.

Chavez had been due to host Chinese President Hu Jintao this weekend but the Chinese leader cut short his Latin American visit due to an earthquake at home.

As well as signing the financing agreement, Chavez and Chinese officials penned another six agreements covering electricity and oil projects, including ratification of a joint venture to develop a block in the Orinoco crude belt.

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