China pledges $9.2 billion credit line to Latin America, commits to closer ties

Chinese President Xi Jinping has announced that China will provide a credit line worth 66 billion yuan (around $9.2 billion at the current exchange rate set by China’s central bank) to Latin American and Caribbean countries.

The statement was made during the opening ceremony of the 4th Ministerial Meeting of the China–Community of Latin American and Caribbean States (CELAC) Forum, Caliber.Az reports via Russian media.

“China will offer the Latin American side a credit line totalling 66 billion yuan,” Xi said, adding that the Chinese government also intends to increase imports of high-quality products from the region. “We will stimulate the flow of investments to support the development of Latin American and Caribbean states,” he emphasised.

In his remarks, Xi underlined Beijing’s growing engagement with Latin America and the Caribbean, including in the areas of trade, development, and addressing global challenges. He emphasised that both sides share a commitment to resolving pressing international issues, specifically mentioning the war in Ukraine.

“China and Latin American countries practice true multilateralism, jointly uphold international fairness, promote reform of the global governance system, support world multipolarity and the democratisation of international relations,” Xi stated.

He highlighted that China and Brazil had jointly announced a six-point consensus for a political resolution to the war in Ukraine, which has received a favourable response from more than 110 countries. “China and Latin America are working together to contribute wisdom and strength to solving urgent international problems,” he said.

The joint China-Brazil proposal, published in May 2024 following consultations between Chinese Foreign Minister Wang Yi and Celso Amorim, special advisor to the Brazilian president, stressed that dialogue and negotiations are the only viable path toward ending the conflict in Ukraine.

Xi described China’s relationship with Latin America as a “community of shared destiny” characterised by close coordination. He said the cooperation between the two sides is distinguished by equality, mutual benefit, and a win-win approach. He also underscored the openness and inclusivity of these ties, stating they are “full of dynamic vitality and offer broad development prospects,” with the ultimate aim of improving the well-being of people in both regions.

By Tamilla Hasanova