Venezuela Eyes $4B China Loan

Venezuela is seeking a $4 billion financing from China for a joint investment fund between the two countries,Reutersreports. Earlier in 2009, China had agreed to give $12 billion to the fund in return for forward sales of oil, in which Venezuela has also contributed an additional $2 billion.

China will also provide $20 billion in a long-term financing deal to the country in return for oil. The proceeds are used by Venezuela to partly pay for Chinese-built infrastructure projects, including railways.

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