Venezuelan President Hugo Chavez said on Saturday that China was providing his nation with a long-term, $20 billion financing plan for major projects in the South American oil-exporter. "China is going to give financing to Venezuela, to the Venezuelan people, to the Bolivarian Revolution ... over the long-term and in large volume of some $20 billion," Chavez said at a signing ceremony in Caracas. The Venezuelan leader said the deal was on top of an existing $12 billion Chinese-Venezuelan investment fund in which Beijing deposits money in return for forward sales of oil, according to a report of Reuters.
