• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»World»Chinese Development Firms Stopped Lending Venezuela Money in 2016
World

Chinese Development Firms Stopped Lending Venezuela Money in 2016

April 7, 2023No Comments6 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

CARACAS, Venezuela – China, through its major development finance institutions (DFIs), has not lent any more money to Venezuela since 2016, according to a recent report by the Inter-American Dialogue think tank and the Boston University Global Development Policy Center.

Under its socialist regime, Venezuela has endured the total collapse of its economy, making it a risky candidate for loans. The regime does, however, maintain warm ties with China, as a fellow Marxist dictatorship, in public and previously had a long record of borrowing from Beijing.

The report, titled “At a Crossroads: Chinese Development Finance to Latin America and the Caribbean, 2022,” analyzed the financial movements of the major DFIs: China Development Bank (CDB) and China Export-Import Bank (Eximbank) with respect to Latin American and Caribbean countries.

CBD and Eximbank combined issued $136 billion in loans to countries in the region between 2005 and 2022. Argentina, Brazil, Ecuador, and Venezuela were the top four recipients of the loan funds.

The report’s data show that although Venezuela has been the recipient of 44 percent of China’s loan financing in the region since 2005, Chinese lending to Venezuela completely ceased in 2016, noting “deteriorating economic conditions” in the country. 

In this May 20, 2109 photo, Venezuela's President Nicolas Maduro flashes a hand-heart symbol to supporters outside Miraflores presidential palace in Caracas, Venezuela. Maduro said Thursday, May 23, 2019, that he iss inviting China's Huawei to help set up a 4G network in Venezuela, prompting opposition leader Juan Guaidó to accuse him of having an "absolute disconnection with reality." (AP Photo/Ariana Cubillos)

File/In this May 20, 2109 photo, Venezuela’s President Nicolas Maduro flashes a hand-heart symbol to supporters in Caracas, Venezuela. Maduro said he is inviting China’s Huawei to help set up a 4G network in Venezuela. (AP Photo/Ariana Cubillos)

Venezuela – which was the first country in South America to sign a “strategic development partnership” agreement with China, finalized by late socialist dictator Hugo Chávez in 2001 – was among the first countries in the region that needed to negotiate adjustments of the terms of its loans to China.

See also  N Korea Test Fires Missiles From Submarine Ahead Of US-South Korea Drills

“China sought to address the country’s repayment problems by offering grace periods on principal payments and extending the life of at least one loan,” the report stated.

In the past decade, Venezuela has gone through the collapse of its once-celebrated socialist system, leaving it facing a severe economic, political, and societal crisis featuring a hyperinflation spiral that reached 1 million percent by 2018. The crisis created an exodus of an estimated 7.2 million — one-quarter of its entire population — people as of March and counting.

The Maduro regime has not publicly disclosed the total of its debt to China, estimated at $20 billion in 2019. Venezuela’s socialist regime, during the rule of late dictator Hugo Chávez, borrowed more than $50 billion from China in oil-for-loan deals, which prompted current socialist dictator Nicolás Maduro negotiate a one-year grace period with China in 2016 — the same year Chinese DFI lending to the South American nation stopped, according to the report. Reports in 2018 showed that Chinese banks had not provided the ailing socialist regime with any loan funding throughout 2017.

Reports published in August revealed that the Maduro regime had been shipping millions of its sanctioned oil barrels to China via Chinese state-owned defense firms since 2020 to offset its remaining debts to the Asian nation.

Socialist mismanagement and rampant corruption have worsened the cash-starved situation of the Maduro regime. A report published by the Associated Press on Friday states that, based on internal documents obtained from the state-owned Petróleos de Venezuela (PDVSA) oil company, more than $20 billion in oil shipment proceeds have “vanished” from state coffers through trades made through deals between the Maduro regime and mostly unknown shell trading companies.

See also  Chinese Student Who Was Victim of Cyber Kidnapping Rescued in Utah

The “disappearance” of billions of PDVSA revenue prompted Maduro to launch an “anti-corruption” purge in March that has so far resulted in the resignation of now-former Oil Minister Tareck El Aissami — accused by the United States of drug trafficking, long believed to hold ties with the terrorist organization Hezbollah – and the arrest and financial dismantlement of his key allies.

Many believe the purge to not be a fight against “corruption,” but rather, the result of a behind-the-scenes conflict among the leaders of the ruling United Socialist Party of Venezuela that seeks to eliminate anyone that could potentially challenge Maduro’s leadership of the country, 

The Inter-American Dialogue’s report stated that CDB and Eximbank loans to the region suffered a “precipitous decline” between 2015 and 2020, having ceased altogether in 2020 due to the Chinese coronavirus pandemic and due to China “reconsidering” the functions and areas of focus of its development banks.

“Though pursuing new lending opportunities in [Latin America and the Caribbean], China’s DFIs have also spent considerable time in recent years renegotiating the terms of existing agreements with the region,” the report read.

BEIJING, CHINA - SEPTEMBER 1: Chinese President Xi Jinping (R) shakes hands with Venezuela's President Nicolas Maduro before their meeting at the Great Hall of the People September 1, 2015 in Beijing, China. Maduro is visiting China seeking financial assistance as Venezuela has been hit hard by recession. (Photo by Parker Song-Pool/Getty Images)

File/Chinese President Xi Jinping (R) shakes hands with Venezuela’s President Nicolas Maduro before their meeting at the Great Hall of the People September 1, 2015 in Beijing, China. (Parker Song-Pool/Getty Images)

The think tank remarks that China’s DFIs issued $813 million in 2022, which represents an “uptick” in financial activity and a “possible indication of renewed interest” in China’s financial engagement on certain types of projects.

The Inter-American Dialogue report noted that while China’s DFIs are no longer issuing “multi-billion-dollar, oil-backed loans that once characterized Chinese financial engagement with the region,” both CBD and Eximbank remain active in the region, and the think tank expects that a small amount lending to Latin American and Caribbean countries will occur in 2023.

See also  Biden State Dept. 'Buried' Spy Balloon Report and This 'Begging' Is 'Exactly What the Chinese Want'

“Total combined Chinese finance to the region is unlikely to ever approximate the previous peaks of policy bank lending,” the think tank expressed. “However, the combined effect of Chinese policy bank activity, co-financing initiatives, commercial bank finance, private equity investment, and other forms of engagement will ensure a sizable Chinese financial presence in the region for years to come.”

Another report published last week by researchers from the World Bank, the Harvard Kennedy School, research lab AidData, and the Kiel Institute for the World Economy showed that China had spent $240 billion between 2000 and 2021 to “rescue” countries that have struggled to repay predator Belt and Road Initiative (BRI) loans back to China in an effort to save its own banks through higher interest “rescue” packages. 

Christian K. Caruzo is a Venezuelan writer and documents life under socialism. You can follow him on Twitter here.

Chinese Development Firms lending money stopped Venezuela
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Tale Of Two Markets: Chinese Stocks Slump As US Shares Soar

May 13, 2025

Microsoft Bans Employees From Using ‘Chinese Propaganda’ Chatbot

May 9, 2025

Chinese Companies Are Moving to Texas, Nevada To Avoid Trump’s Tariffs

May 5, 2025

Chinese Manufacturers Flood TikTok To Subvert Trump’s Tariff Agenda

April 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

FACT CHECK: Video Claims To Show A River Trash At Burning Man

September 5, 2023

CEOs Expect Layoffs, Sluggish Growth In Yet Another Worrying Sign For Economy

September 13, 2023

Father of Player Allegedly Attacks Ref During Youth Basketball Game

May 25, 2023

Manila Bay Reclamation Under Review Over Environmental and China Concerns

August 7, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

If Biden Has an Immigration Plan, ‘It’s Very Subtle’ — He Should Just Propose Canada’s Stricter Policies

November 5, 2023

Dermalogica Total Cleanser Is a One-Step Wonder

August 5, 2023

The Best Sunday Riley Products at QVC| Well+Good

January 21, 2024
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.