China and Venezuela to Invest $6 Billion in Fund, EFE Reports

China and Venezuela signed a memorandum of understanding to place a further $6 billion in a joint development fund, Efe newswire reported, citing unidentified members of a delegation accompanying Finance Minister Jorge Giordani on a visit to the Asian country.

China will contribute $4 billion and Venezuela $2 billion into the fund that will be used to finance development projects in both countries, Efe reported.

A spokesman for the Finance Ministry declined to comment when contacted by Bloomberg News.

To contact the reporter on this story: Charlie Devereux in Caracas at cdevereux3@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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