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China provides $4 billion credit line to Venezuela

Published on Jul 22, 2014 2:27 AM

CARACAS (Reuters) - China will provide Venezuela with a $4 billion credit line under an agreement signed on Monday, with the money to be repaid by oil shipments from OPEC member Venezuela.

The deal was inked during a 24-hour visit to Venezuela by Chinese President Xi Jinping, who is on a tour of Latin America.

The money will go into the Joint Chinese-Venezuela Fund, which focuses on infrastructure and economic development in the South American country.

President Nicolas Maduro said the Venezuelan government would also put $1 billion into the fund.

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