China Provides $4 Billion To Venezuela In Exchange For Oil

"China will be a cooperation partner for all countries of the world like Venezuela."

Among 38 accords signed on Monday was also a memorandum of understanding for China's EximBank to lend $1 billion to PDVSA, an agreement for mineral exploration, the purchase of 1,500 Chinese buses and the creation of a new cement factory.

Venezuelan opposition politicians say much of China's loans in the last 15 years have been wasted amid corruption, inefficiency and lack of transparency in public funds.

"If we are the country with the world's biggest oil reserves, why do we have to indebt ourselves with China?" asked one opposition leader, Henrique Capriles, via Twitter, demanding information and accountability on a series of China-funded projects.

(Additional reporting by Andrew Cawthorne and Eyanir Chinea; Writing by Andrew Cawthorne; Editing by Peter Galloway and Lisa Shumaker)


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