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Venezuela, China create new financing sources


Venezuela and the People's Republic of China are creating new sources of financing to strengthen strategic areas for the oil country, said Venezuela's Vice President of Planning, Ricardo Menendez on Tuesday.

"The sources of financing are going to become more diversified just because of the strength and profitability of the activities that have been held across our country," he said following the meeting entitled Economic Constituent: future space, which gathered more than 60 Chinese companies in Fuerte Tiuna military fort, in Caracas.

Menendez, who chairs the country's China-Venezuela High Level Joint Commission, said that through this initiative more than $ 50 billion have been invested in the development of more than 650 strategic projects.

Now, –he said– "new sources of investment" linked to each of the developed projects, including the agri-food sector, are being integrated into current framework.

"In the agricultural area, which is one of the issues to be addressed in seminars and meetings, there will be new sources of investment, different from those we have traditionally had," he explained.

He stressed that Caracas and Beijing have signed recent agreements for the development of the mining sector –nickel, coal and gold– as well as for the strengthening of the oil sector and the infrastructure and equipment area.

"At the moment, some of these schemes point to new sources of financing. We are going to objectify them, we are going to announce them to our country, but at the moment we are building these new sources of financing," he stressed.

Venezuela and China share two financing blocks for the development of strategic projects: the Joint Fund, created in 2008, and the Large Volume and Long Term Fund, launched in 2010.

Menendez said this week is expected to carry out intensive working sessions with Chinese companies. Yesterday the Venezuelan delegation held talks with the China National Petroleum Corporation (CNPC) to discuss "major investment projects", especially in the Petrozumano and Petrosinovensa joint ventures located in the Orinoco Oil Belt.
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