China Approves US$5Bn Loan for Venezuelan Oil Development
NOVANEWS
Venezuelan officials said Chinese cooperation opens up alternative networks outside the sanctions of the United States.
By TeleSur English & Venezuelanalysis.com
China's President Xi Jinping and Venezuela's President Nicolas Maduro shake hands during a signing ceremony in Caracas July 21, 2014. (Reuters)
The Development Bank of China has approved a loan of US$5 billion for Venezuela to increase petroleum development, Prensa Latina reports.
These funds will allow Venezuela to upgrade the development of its key industry, as well as expand China-Venezuela cooperation.
Venezuelan Finance Minister Simon Zerpa praised China-Venezuela bilateral relations and said that during a recent call between Chinese President Xi Jinping and Venezuelan President Nicolas ...