China offers $20 billion fund for Latin America infrastructure projects

July 22, 2014
3 Comments

BRASILIA – Chinese President Xi Jinping proposed Thursday to create a $20 billion fund to finance infrastructure projects in Latin America and the Caribbean.

The fund was announced at the end of a summit hosted by Brazilian President Dilma Rousseff that marked the launch of the China-Latin America-Caribbean Forum.

“They proposed to do it immediately so that it can be ready next year. This money is an exclusively Chinese proposal,” Rousseff told reporters in Brasilia, adding that the fund would have initial capital of $10 billion.

Xi also offered to extend a credit line of up to $10 billion to nations of the Community of Latin American and Caribbean States (CELAC) via the Bank of China.

In addition, a Chinese-Latin American cooperation fund of $5 billion would be launched for investments in areas that have yet to be decided.

Venezuelan President Nicolás Maduro said foreign ministers of the new forum would meet in China next year to determine the mechanism to access the infrastructure fund.

Xi met with 11 Latin American and Caribbean leaders at the end of a three-day visit to Brazil before heading to Argentina, Venezuela and Cuba.

Cuba’s communist President Raúl Castro attended the talks, along with Costa Rica’s Luis Guillermo Solís, Chile’s Michelle Bachelet, Colombia’s Juan Manuel Santos and Ecuador’s Rafael Correa.

You may be interested

Costa Rica at a glance: top news from the past week
The Alvarado Administration
83 views
The Alvarado Administration
83 views

Costa Rica at a glance: top news from the past week

The Tico Times - May 21, 2018

Newly inaugurated Costa Rican President Carlos Alvarado is closing in on two weeks on the job. Here are some of…

PHOTOS: International Museum Day in Costa Rica
Arts & Culture
101 views
Arts & Culture
101 views

PHOTOS: International Museum Day in Costa Rica

Mitzi Stark - May 21, 2018

May 18 is International Museum Day, and Costa Rica celebrated with 31 mini-museums all in one at the Casa del…

Costa Rica, Panama refuse to acknowledge Venezuelan election results
Latin America
131 views
Latin America
131 views

Costa Rica, Panama refuse to acknowledge Venezuelan election results

AFP - May 21, 2018

Costa Rica and Panama were two of 14 countries in the Americas to announce they would not acknowledge the results…