Apr 18, 12:10 AM (ET)
CARACAS, Venezuela (AP) - President Hugo Chavez has announced an agreement with China that would have the Asian economic giant devote $20 billion to financing long-term development projects in Venezuela.
The Venezuelan president says the financing would go toward industrial and infrastructure projects, among other development plans.
He spoke Saturday during a televised appearance attended by China's natural resources minister.
Chavez is providing few other details about the investments.