China, Argentina sign multibillion-dollar deals

China, Argentina sign multibillion-dollar deals

YEREVAN, July 21. /ARKA/. Argentina signed 19 deals on Friday to borrow $7.5 billion from China, veastifinance.ru reports. 

Among the deals signed, 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 two hydroelectric dams in Patagonia. China Gezhouba Group Corp and Argentina's Electroingenieria SA won contracts last year to build the two dams, which will have a combined generating capacity of 1,740 megawatts.

Another large deal was concluded to modernize Belgrano Cargas, the largest freight train line in Argentina. 

The countries also signed comprehensive strategic partnership agreements.  

Xi Jinping expressed confidence that the signed deals will contribute to Argentina’s economic development. 

The two countries’ leaders also signed a three-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 turnover amounts to $14.8 billion. 

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

The deals came at a time when the Latin American country cannot tap global capital markets because of disputes over unpaid debt and is under the treat of default. These financial injections from China seem as a lifebelt amid such adverse developments. 

The two countries’ leaders also expressed their opinions about the Malaysian Airlines Flight 17 crash in Ukraine’s territory and urged investigators to display impartiality to find out the real cause of the crash.  .-0---

11:54 21.07.2014

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