Venezuela gets $ 250 million from China to increase oil production

Venezuela is going to get 250 million dollars from Chinese Development Bank of China to increase oil production. The country's Ministry of Finance said in a statement on Tuesday. However, details of this agreement are not known.

The South American country had previously received $ 5 billion loan from China. China has been the country's main contributor to China since the last few decades. But the country's economy has been damaged due to the decreasing amount of money from China since the last few years. So the country refuses to increase oil production. In a statement issued by the ministry, the country's finance minister Simon Zerpa said, "We received clearance from China Investment Bank's direct investment. This means we can increase the production of unrefined fuel. This is part of the $ 5 billion loan project given to the Chinese government Venezuela