Sunday, July 10, 2011

Hugo Chavez: China Granting Venezuela $4B Loan

President Hugo Chavez announced a new $4 billion loan from China and discussed his health in a televised appearance Saturday, saying he is exercising each morning as part of a strict regime while recovering from cancer surgery.

Chavez said the latest loan from China will go to boost development projects in Venezuela such as railways, adding that his government will put $2 billion of its own into the projects. China has become Venezuela's biggest foreign lender in recent years, agreeing to provide more than $32 billion to be repaid in oil shipments.