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Argentina,China : ARGENTINA signs a $7.5 billion loan agreement from CHINA

July 24, 2014



Argentina signed 19 deals to borrow $7.5 billion from China.

Argentine President, Cristina Fernandez and her Chinese counterpart, Xi Jinping, agreed on a loan for $4.7 billion from the China Development Bank for the construction of 2 hydroelectric dams in Patagonia. China Gezhouba Group Corp and Argentina'sElectroingenieria SA won contracts to build the 2 dams, whose combined generating capacity will be 1,740 MW.

Another large deal was concluded to modernize Belgrano Cargas. The countries signed comprehensive strategic partnership agreements. These deals will contribute to Argentina s economic development.

The leaders signed a 3-year agreement for an $11 billion swap operation between their central banks that will let the Latin American country pay for Chinese imports with the Yuan currency.

Argentina and China have a rich record of long and successful cooperation. China is Argentina s second biggest trade partner, after Brazil. The Argentine-Chinese trade totals $14.8 billion.

China is the largest consumer of Argentina s agricultural products and its third biggest investor.

The deals comes when the Latin American country cannot tap global capital markets because of disputes over unpaid debt.


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Source: TendersInfo (India)


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