China and Venezuela Approved 6 billion Dollars to Bilateral Fund

Venezuela and China adopted 6,000 million dollars together for the China-Venezuela Bilateral Development Fund, created to finance projects in the country of Bolivar.

President Hugo Chavez annouced that Venezuela has approved the transfer of 2,000 million from the National Development Fund to the bilateral fund, while China provided 4 billion for the same purposes.

More details here.

Chavez said Venezuela will soon receive a $4 billion loan from China to boost joint development projects between the increasingly close international allies.

The money will finance projects such as railways in this South American country, Chavez said during a Cabinet meeting that was broadcast live on state television. Venezuela will put $2 billion of its own into the projects.