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Message: Money starts this week a special on China-Venezuela Fund
| The deep background between China and Venezuela |
| Written by Juan Pablo Arocha |
| Wednesday July 13, 2011 18:29 |
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Money starts this week a special on China-Venezuela Fund, created in 2007 to promote development projects in the country. In exchange for oil, the Asian nation has placed millions of dollars. Find out how they affect our delivery of these agreements to the Bolivarian economy. A total of 6,000 million dollars approved by President Hugo Chavez on 9 July, to be directed to the China-Venezuela Fund. These resources will leave the National Development Fund (Fonden) to the bilateral financial pot, with China placed another four billion dollars. Where are these resources? On November 6, 2007 established the China-Venezuela Fund, q ue seeks to finance projects in Venezuela mainly in the areas of infrastructure, agriculture, energy, mining and petrochemical industries. Only the China Development Bank deposited $ 4,000 to open the pot, which also involved the China National Petroleum Corporation, the Development Bank (Bandes), Petroleos de Venezuela (PDVSA) and the Ministry of Finance. The initiative of forming came Fund since 2005, following the rapprochement between the governments of China and Venezuela. In that year he created a small pot of "Financial Cooperation", where the Asian nation has contributed more than $ 905 million, led initially to build 20 000 houses during the year. When the Fund was established in 2007, the China Development Bank delivered another four billion dollars. The following contributions were isolated, always in the direction of China-Venezuela: $ 4,000 million in 2009 and another $ 20,000 in 2010. Terms between the parties In return for China to send money to Venezuela, oil is returned from Caracas. In terms of the contract states that even if oil shipments are not sufficient to cover the amount of the agreements, Miraflores must cancel the surplus cash. It also gives preference to companies for China projects. According to the terms of China-Venezuela Fund, these are the kinds of projects you can do: 1. Infrastructure such as trains, highways, seaports and telecommunications networks. 2. Social development, including housing, hospitals and medical care. 3. Energy development such as refineries, natural gas processing, pipelines for oil and natural gas processing plants, liquefied gas extraction projects, transportation, marketing of coal, crude oil transportation projects and by-products and construction tanks. 4. Industrial integration such as building commercial ships, companies related to natural gas, fertilizer manufacturing, chemical manufacturing projects for the automotive industry, agro-industrial projects, companies for assembly of high technology, service providers for the industry oil, steel and aluminum manufacturing and mining companies. --------- --------- |
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