China has granted a $5 billion loan to Venezuela

China has granted a $5 billion loan to Venezuela

By Energía16

04/07/2018

Venezuela’s Minister of Economy and Finance Simon Zerpa informed that China has granted a $5 billion loan to Venezuela. These resources will be earmarked for oil investment and production projects in the South American nation.

"We have obtained the authorization of direct investment by the Development Bank of China in the increase of the production of PDVSA (Petróleos de Venezuela), for more than 250 million dollars. We are already launching specific financing in the framework of a special credit that the Government of China is delivering to Venezuela for 5 billion dollars”. These funds will be used for projects of direct investment in production as the official told reporters.

China has granted a $5 billion loan and is set to further invest in the country

Zerpa also informed that “three or four” new investment deals will be signed over the next weeks. The hope is that these funds will have a significant impact on oil production in the Orinoco oil belt and in other production areas of PDVSA.

He also stressed that it is important "to maintain the fluidity of the relationship outside the attack of the imperialism of the United States against both countries. So, it is necessary to create alternative circuits."

Zerpa is currently in Beijing, where he participated in the 4th Technical Secretariat of the Mixed Venezuela-China High-Level Committee. The nations aim to deepen bilateral relations and develop productive agreements.

The main topic discussed at this meeting was oil production, in addition to other issues related with the economic, financial, and energy sectors.

In 2017, Venezuela and China signed bilateral agreements related to the automotive, agricultural, an industrial sector. The goal is to boost the productive development of the 15 engines of the Bolivarian Economic Agenda.

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