Venezuela To Get $8B From China, Russia

Venezuela is set to secure two individual loans of $4 billion each from Russia and China,The Wall Street Journalreports. Nearly $2 billion of the funding will be allocated for military equipment for the South American nation.

Caracas will receive a loan from Beijing for oil. Venezuela is renewing a joint development fund with China, which consists of a new loan worth $4 billion from theChina Development Bank.

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