ESPACIO PUBLICITARIO
CARACAS, Wednesday January 16, 2013 | Update
 
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FINANCE

Chinese loans to Venezuela amount to USD 46 billion in four years

Venezuela has been granted 55% of the loans authorized for the region

Additional loans are under negotiation to fuel the Venezuela-China Fund (File photo)
EL UNIVERSAL
Wednesday January 16, 2013  11:53 AM

Twelve Latin American countries received USD 85.8 billion in credits from China from 2005-2012. The amount exceeds the credits granted by the World Bank (USD 53.3 billion) and the Inter-American Development Bank (USD 66.9 billion) during the same period.

The information was disclosed in a comparative analysis conducted by the Faculty of Economics, National Autonomous University of Mexico, on the loans granted by China to Latina American countries. The analysis indicates that Venezuela has received USD 46.5 billion, which is 55% of the total loans granted to the region. 

Resources have been directed mainly to government projects, as well and programs of Venezuela's state-owned oil company Pdvsa.

Venezuelan authorities have informed that part of the loans has already been repaid and additional credits are under negotiation to fuel the Venezuela-China Fund.

The report highlights that loans boomed in 2009-2010. In such period, Venezuela and China signed a deal for USD 20 billion payable in 10 years. In the same period, China granted USD 10 billion in loans to Brazil and Argentina.

marmas@eluniversal.com

Translated by Jhean Cabrera
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Is protest over?

That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending  in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.

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