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China Offers Venezuela $4B For Joint Fund
China will invest $4 billion into a joint development fund with Venezuela in April 2011.
China will invest $4 billion into a joint development fund with Venezuela in April 2011, NASDAQ reports. Venezuela will add $2 billion to the fund, which was set up between Venezuelan development bank, Bandes, and the China Development Bank.
Venezuela has repaid the previous two Chinese installments into the bilateral fund, totaling $8 billion. China will have extended Venezuela $28 billion in financing since August, all to be serviced with oil, with the latest loan. Separately, China also offered Venezuela a $20 billion credit line, earmarked for infrastructure projects, housing and agriculture.
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