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China to loan Argentina $7.5 billion

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Staff writer ▼ | July 19, 2014
Argentina will borrow $7.5 billion from China, at a time when the Latin American country cannot tap global capital markets due to disputes over unpaid debt.
Argentina
ArgentinaArgentina will borrow $7.5 billion from China, at a time when the Latin American country cannot tap global capital markets due to disputes over unpaid debt.


Among the 19 agreements to be signed, Argentine President Cristina Fernandez and her Chinese counterpart, Xi Jinping, will agree on a loan for $4.7 billion from the China Development Bank for the construction of two hydroelectric dams in Patagonia.

The Chinese bank is also expected to grant a $2.1 billion loan to help finance a long-delayed railway project that would make it more efficient to transport grains from Argentina's agricultural plains to its ports.

Argentina is the world's third-largest exporter of soy and corn. China is the main buyer of its soybeans.


 

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