The Strategic Fund China-Venezuela
to be injected with 12 billion dollars
in three years
ABN 24/09/2008 Caracas,
Caracas, Sept 24. ABN.- The President of the Bolivarian
Republic of Venezuela, Hugo Chávez Frías, informed that in
three years 12 billion dollars will be injected to the
Strategic Fund China-Venezuela.
During his fifth visit to China, Chávez explained that he
sent the request to China three months ago and he will take
advantage of his visit to renew the fund.
President Chávez detailed that in a first stage, China
contributed with 4 billion dollars and Venezuela with 2
billion. “These resources are being invested in the country
(Venezuela) in hundreds of small and medium works that are
currently under construction.”
“Chinese Government, with a prove of friendship and
confidence to Venezuela, has answered positively,” he said.
Venezuelan Head of State commented that China and Venezuela
are able to resist the consequences of the current crisis
of the capitalism because both countries had and have
revolutions; and, thanks to that, it is also possible the
close bilateral relation that has been developed since
almost a decade ago.
He reminded that the relation went stronger when both
countries decided to establish a strategic alliance and
demonstrate that Venezuela and China could create strong
links despite geographical distance and the excuses of some
people saying it was impossible to send oil to that
“They kept us tied to the empire. We were a colony. The
Government was not in Caracas, but in Washington,” Chávez
said explaining the dependence Venezuela had to the North
“Now, we are free to travel to Beijing. We are working to
increase the oil processing to China,” he stressed.
“Soon, we will reach 400,000 barrels a day (sent from
Venezuela to China), then 500,000 barrels next year, and we
are going to keep working until we reach 1 million barrels
a day,” he said.
Chávez explained that to face worldwide energy crisis,
Venezuela and China are increasing their trade and
relations in oil sector with agreements to build refineries
and tank ships, as well as increasing oil supply to China.
In reference to the financial crisis, President Chávez
insisted that, nowadays, when there are banks going to
bankruptcy and it is so hard to get a credit, both
countries decided to double their joint fund of 6 billion
dollars in order to support the development in sectors like
energy, housing, sanitation, aqueducts, agriculture, among
Regarding food crisis, Chávez pointed out that both
countries keep a close cooperation in agriculture and food
industry since two years ago.
“All of them (the agreements) allow us to overcome the
(worldwide) crisis,” said Chávez with respect to the
bilateral cooperation, while the world is passing through
“Thanks God there is a revolution in China; thanks God
there is a revolution in Venezuela; thanks God we met each
other and we shook our hands,” he insisted.
Translated by Ernesto Aguilera