China agrees to invest $20bn in Venezuela to help offset effects of oil price slump

[Eugene]

Source: The Guardian

China agrees to invest $20bn in Venezuela to help offset effects of oil price slump

Jonathan Kaiman in Beijing
The Guardian, Thursday 8 January 2015 17.46 GMT

China has agreed to invest more than $20bn (£13.2bn) in Venezuela to help it overcome an economic slump exacerbated by plummeting oil prices, the Venezuelan president has announced.

Nicolás Maduro has been in Beijing since Monday to participate in a major meeting between China and the Community of Latin American and Caribbean States (CELAC) – a coalition of 33 countries that was formed in 2011. He announced the $20bn deal after meeting with the Chinese president, Xi Jinping.

“We rounded up more than $20 billion in investment,” Maduro told
Venezuela’s official AVN news agency.

The money will be used for housing, technology, energy and infrastructure projects, Maduro told Caracas-based VTV television. “With the China Development Bank and Bank of China we are strengthening a series of financing deals that have been approved on this visit.

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Read more: http://www.theguardian.com/world/2015/jan/08/china-venezuela-20bn-loans-financing-nicolas-maduro-beijing

[bemildred]

1. China Woos Latin America with Promises of Investments

Chinese President Xi Jinping has pledged to increase cooperation with Latin America and the Caribbean as he opened a forum in Beijing with leaders from the region.

The meeting between Xi and leaders of some 30 Community of Latin American and Caribbean States comes as China pushes for more influence in what has traditionally been Washington's backyard.

Xi said two-way trade between China and Latin America was expected to rise to $500 billion in 10 years.

China has particularly strong ties with several Latin American nations that have clashed diplomatically with the U.S., especially Venezuela.

http://www.voanews.com/content/china-woos-latin-america-with-promises-of-investments/2590164.html