China has cemented its position as Venezuela’s biggest foreign lender by agreeing to a new $4 billion credit line for infrastructure projects in the Latin American country.
On May 18, China Development Bank, the country’s state-owned development bank, agreed to the new loan as a contribution to the China-Venezuela Joint Development Fund, which was created in 2008. Venezuela and China have both contributed to the fund, which totals $32 billion, for social and infrastructure projects in the South American country.
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