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Venezuela renews $6.3b China credit line, seeks Russia financing

Published on Mar 8, 2014 3:25 AM

CARACAS (REUTERS) - Venezuela is renewing a US$5 billion (S$6.3 billion) credit line with China that will be repaid in oil and other fuels and is negotiating a financing deal with Russia for an undisclosed sum, the country's economy vice president said on Friday.

Rafael Ramirez said Venezuelan officials had visited China and Russia and held meetings with officials, including Russian President Vladimir Putin, to arrange new financing deals.

The Joint Chinese-Venezuela Fund, which focuses on infrastructure and economic development in the South American country, will receive US$5 billion from China as part of a renewal of one of three tranches, Mr Ramirez said.

"This is extraordinary for us because it lets us maintain the intensity of our investments," he said, adding that the resources should be available this month.

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