Venezuela and China Sealed Agreement to Promote Various Projects

The Venezuelan leader, Hugo Chavez, and President of China Development Bank Chen Yuan, today signed an agreement to finance 137 projects of cooperation in technology, agriculture and infrastructure, among other sectors.

Following a meeting at the Miraflores Palace, Chavez told reporters that the agreement will be valid for the period 2013-30 and include the construction of a factory of small satellites, vehicles and other appliances.

It also will accelerate the building of houses, railway projects, and acquire machinery and inputs to boost farming industry.

Chavez stressed that cooperation with the Asian giant is based on the joint development with a double directionality.

In that sense, explained that China provides loans to Caracas, and Venezuela in turn supplies oil to Beijing.

Venezuela sends 400 thousand barrels of oil a day for the Asian giant and the goal is to increase that share in a million, the president said.

At another point in his speech, Chavez said he will return gradually to the usual pace of work in a few weeks after complete the first cycle of chemotherapy applied as a preventive measure after surgery on a cancerous tumour in June.