Venezuela-China joint fund now $12b strong

CARACAS: Venezuela and China have agreed to put an additional $6 billion into a fund used to finance joint development projects in fields ranging from oil production to infrastructure.

Venezuelan President Hugo Chavez said the fund, which grows to $12 billion, is partly aimed at increasing Venezuelan oil exports to China from 330,000 to 1 million barrels a day by 2015. The fund finances projects in farming, manufacturing and other areas, too.

"It's part of a strategic alliance, and it serves common interests," Chavez told a delegation of visiting Chinese officials, led by Vice-President Xi Jinping, on Wednesday.