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A $7.5 billion railway agreement has been signed between Venezuela and China on Thursday. This agreement includes the building of a 468-km railway in the Venezuela with Chinese support.
According to the Public Works Minister Diosdado Cabell, the railway will run from the town of Tinaco, in the north western state of Cojedes, to Anaco, a city in the north eastern state of Anzoategui. This is the biggest project Venezuela is undertaking outside of the oil industry.
Cabello said that the railway will be running parallel to the coast at an average distance of about 140 km from the Caribbean Sea.
He added that railway can provide help to the help farmers in central Venezuela's agrarian belt, so that they can avoid their dependency on the trucks for transporting their harvest.
The minister also said that as part of the deal the first rail construction company in Latin America will be installed in Venezuela using "Venezuelan iron and Chinese technology".
The agreement had been signed by the president of the Autonomous Railway Institute of Venezuela, Franklin Perez, and the vice president of the Chinese consortium, Bai Zhong Ren.
