Banking
Bolivia approves $60m loan with China
(Xinhua)
Updated: 2009-11-19 11:47
The Bolivian government on Wednesday approved a supreme decree authorizing a contract with the People's Bank of China, China's central bank for a $60 million loan, which will be used to improve Bolivia's hydrocarbons sector.
Bolivian Hydrocarbons Minister Oscar Coca told a press conference in the Quemado Palace that the sum of money will go to the extension of domestic gas networks and the purchase of two drilling rigs for state-run oil company, Yacimientos Petroliferos Fiscales Bolivianos (YPFB).
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Coca also urged the legislative to approve the credit request.
"The legal measure to request this credit was approved by the Cabinet and now we are waiting for the Senate to make it viable as soon as possible," he said.
Bolivia considers China as a strategic cooperation partner. China has offered donations and loans to Bolivia for its social development projects.
