China, Venezuela sign US$20bn investment accord

Bnamericas Published: Friday, January 09, 2015

China and Venezuela have signed bilateral agreements worth US$20bn as the crisis-stricken South American country moves to guarantee investments in local infrastructure.

The funds will prioritize Venezuela's energy, transport, telecommunications and construction industries, according to state news agency AVN.

The announcement follows talks between Venezuelan President Nicolás Maduro and his Chinese counterpart Xi Jinping in Beijing on Thursday.

The visit formed part of Maduro's tour of Russia, China and the Middle East as he seeks measures to curb the impact of falling oil prices.

The decline has left Venezuela's economy, which is heavily reliant on oil exports, on the brink of collapse amid rampant inflation and a shortage of essential goods.

Meanwhile, China also pledged US$35bn to the Community of Latin American and Caribbean states (Celac) during a forum in Beijing.

Venezuelan vice president Jorge Arreaza said the funds would help bankroll "development plans of each of the countries in the region."

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