Venezuela says China promised $5bn in credit

Nicolas Maduro, Venezuela’s President, stated that the South American country has received US$5 billion from China in credit from a deal that was reached in September, The Wall Street Journal reported. The money will be used in areas such as housing, transportation and military funding. China gave US$4 billion to Venezuela in June, money that should be used for oil field development. Venezuela’s government has received roughly $36 billion from China since 2008 and is paying for it with petroleum exports.