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Venezuelan president says China loans $5 billion

December 29, 2013

CARACAS, Venezuela (AP) — Venezuelan President Nicolas Maduro says China has given his country $5 billion in credits under a deal reached in September.

Maduro said Saturday the money will be used for fields such as housing, transportation, satellite technology and the military.

Venezuela’s leftist government has received roughly $36 billion from China since 2008, and is paying for it with petroleum exports.

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