Venezuela signs development agreement with China
Venezuela and China have created a $5 billion fund for development projects that include railroads and automobile assembly plants in Venezuela.
Li Lihui, president of the Bank of China, made the announcement with Venezuelan President Hugo Chavez on Friday. Li said China would provide $3 billion of the $5 billion for the fund, according to an Associated Press report.
China had earlier announced plans to work with Venezuela on various exploration projects, working in cooperation with the Venezuelan state oil company Petroleos.
Venezuela signs development agreement with China
