Wednesday, July 23, 2014 Argentina gets $7.5B loan from China for rail and power projectsArgentina signed deals this month to borrow $7.5 billion from China for rail and power projects. The China Development Bank granted Argentina a $2.1 billion loan to help finance a railway project that will facilitate grain transport from the country's farms to its ports. Argentine President Cristina Fernandez and PRC President Xi Jinping also agreed on a loan of $4.7 billion from China Development Bank to build two hydroelectric dams in Patagonia. China Gezhouba Group Corp and Argentina's Electroingenieria SA were awarded contracts last year to construct the two dams, which will have a combined generating capacity of 1,740 megawatts. "It's a day we can define as foundational in the relations between our two countries," Fernandez said after signing the deals. In 2013, Argentina's trade deficit with China, its second-largest trading partner, increased more than 20 percent to $5.8 billion. Argentina is the third largest global soybean exporter, and China is its main buyer of the commodity. For more of the Reuters story: uk.reuters.com
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