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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