CARACAS, Venezuela (AP) — Venezuela is leaning heavily on new investments from China, saying they will dramatically boost oil production and turn around the country’s crashing economy.
President Nicolas Maduro said in a Tuesday broadcast that China has agreed to invest $5 billion more following his recent trip to Beijing.
Venezuela is gripped by a historic crisis with shortages of food and medicine, driving masses abroad.
China in the last decade has given Venezuela loans, cash and investment totaling $65 billion.
Venezuela’s oil production today is a third of what it was two decades ago, and falling.
Miami-based Venezuela expert Russ Dallen says the influx of money appears to be investments China will control.
Dallen says China aims to boost oil production and recoup billions in debt.
