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Maduro secures US$20-billion from China for Venezuela

  • Written by News Jamaica
  • Published in World News
President Nicolas Maduro in Beijing for the first time for a two-day forum on Thursday. | Photo: Reuters President Nicolas Maduro in Beijing for the first time for a two-day forum on Thursday. | Photo: Reuters
BEIJING, China, Thursday January 8, 2015 - Venezuelan President Nicolas Maduro says he has secured investments of more than twenty billion dollars from China for economic, social and oil related projects.

Maduro said Venezuela was also strengthening ties with Chinese banks to secure financing for further development of the nation.

He said the Chinese-Venezuelan fund is set to be approved in the first half of the year and pointed out that China, through its oil companies will also increase its stakes in Venezuela’s oil sector by expanding their equity participation and investment in the Venezuelan oil business.

In a speech welcoming the Chinese investment during the opening ceremony of the first ministerial forum between China and the Community of Latin American and Caribbean States (CELAC) on Thursday Maduro said  “I would like to repeat what (former) President (Hugo) Chavez said, that the reality is that China is showing the world the possibility of a country without pretensions of imperialism or pretensions of seeking hegemony as it grows stronger.”

He continued by saying, “This is a vital point. I told President Xi Jinping over dinner last night: there is unique opportunity in this moment in history we're living through.”

The Venezuelan president contrasted Beijing's involvement in Latin America to U.S. imperialism, pointing to Washington's recent decision to impose new sanctions on Venezuela.