Joint Ventures with China Help Venezuela Develop

Caracas, Nov 26. -Venezuelan Minister of Commerce Edmee Betancourt highlighted the joint investments shared with China in 165 development projects which Venezuela is to pay back with oil.The eigh billion dollars that China's Development Bank allocated until last year were confirmed and renewed with an additional four billion dollars accessible from 2012, rising the investment to 12 billion dollars, an action Betancourt highlighted as a coherent action regarding Venezuela's sovereign Constitution and production model.

Since the agreement was signed and sanctioned in 2000, the Joint Fund has helped develop large programs in key sectors like agriculture, energy, communications, transport and Gran Mision Vivienda Venezuela (housing).

China's Development Bank has also made direct loans to state-run companies like Petroleos de Venezuela (Pdvsa), although she denied acquiring debts affecting national sovereignty as the opposition claims in its slandering campaigns.

Such healthy projects also show their success in the construction of key railroad sections and the Simon Bolivar Hydroelectric Plant, in computer and cell phone productions, the exploitation of the Orinoco Oil Strip and the housing project that will add 286,000 houses to the 95,000 already completed. (Prensa Latina)