Chavez: China to provide $20 billion to finance Venezuela’s development

Chavez: China to devote $20B to Venezuela projects

CARACAS, Venezuela — President Hugo Chavez has announced an agreement with China that would have the Asian economic giant devote $20 billion to financing long-term development projects in Venezuela.

The Venezuelan president says the financing would go toward industrial and infrastructure projects, among other development plans.

He spoke Saturday during a televised appearance attended by China’s natural resources minister.

Chavez is providing few other details about the investments.