China grants $5 billion loan to Venezuela

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China will open a $5 billion credit line to Venezuela for the development of projects in the oil sector, said Venezuelan Minister of Economy and Finance Simon Zerpa.

“We have been granted permission to approve the China Development Bank’s direct investment worth more than $250 million in PDVSA’s production increase and now we are launching a specific financing as part of a special $5 billion loan granted by the Chinese government to Venezuela,” Zerpa told AVN news agency.

According to the minister, three or four new financing contracts that are expected to have a positive impact on the growth of oil production in Venezuela will be prepared in the coming weeks.

Over the past 10 years, the Venezuelan government has received more than $60 billion in state loans from China, while private Chinese companies have invested about $2.5 billion a year in the Venezuelan economy since 2010.

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Meanwhile, three Brazilian cities on Tuesday received Venezuelan immigrants in a new stage of the internalization process since thousands of Venezuelans flooded into Brazil to escape the economic crisis gripping the country because of US covert attacks. It is planned that 164 refugees and migrants in Boa Vista near the Venezuelan border will be transferred to the cities of Igarassu, in Pernambuco; Conde, in Paraíba, and Rio de Janeiro.

According to the federal government and the United Nations, internalization is the process of moving Venezuelans to other states of the country. By May 15, according to UN Brazil, 527 Venezuelans were distributed between São Paulo, Manaus and Cuiabá. The process is supported by the UN Refugee Agency, the International Organization for Migration and the United Nations Population Fund. The town of Conde will receive 45 people; 69 go to Igarassu and 50 to Rio de Janeiro.

It is the first time that these cities received Venezuelan immigrants who have accepted to take up the transfer deal offered.

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