Moreover, China will contribute 2.099 million dollars to modernize and retrofit the Belgrano rail l

Argentina President Cristina Fernandez, center, presents the economy minister Axel Kicillof, pl right, to Chinese President Xi Jinping, left, at the Casa Rosada, Buenos Aires, Friday July 18, 2014. (AP Photo / Victor R. Caivano)
BUENOS AIRES (AP) - China on Argentina finance the construction of two hydroelectric dams to increase energy production; modernize the largest railway cargo that connects the port of Buenos Aires with the main producing centers of raw materials and help strengthen the ailing central bank reserves just as the South American country faces the risk of a new default by the legal dispute with U.S. investors.
These agreements, which the Asian giant strengthens strategic relationship with its fifth largest trading partner in Latin America, were announced on Friday by the presidents Cristina Fernandez and Xi Jinping, who arrived from Brazil and then continue its tour of the region in Cuba and Venezuela.
"Today is a day we can say founding in relations between the two countries ... today a cultural pl comprehensive strategic partnership, a hierarchy pl of economic relations, politics and beyond trade bilateralism is started ... Today we have laid the foundations that define the relationship between China and Argentina as a true state policy, "Fernandez said in a press statement.
The central banks of China and Argentina signed a currency swap Argentine pesos for the equivalent of RMB 11,000 million, known as swap. Argentina reserves the entity are below 30,000 million dollars for a flight of capital.
This announcement comes at a time when Argentina faces a lawsuit in the United States with a group of bondholders pl who claim for his unpaid debt in 2001, which threatens to lead to a new South American nation to default on those creditors who accepted an important capital takes two debt restructurings in 2006 and 2010.
The banks China Development Bank Corporation, Industrial and Commercial Bank of China Limited and Bank of China Limited financed 4.714 million dollars building two hydroelectric dams in the southern province of Santa Cruz. A consortium of a local company and the China Gezhouba Group Corporation (CGGC) will be responsible for the monumental work, which once completed will produce 5,246 GWh / year, equivalent to 4.7% of current electrical system.
"I told President Xi Jinping dams were two vital structural work for our country. I must thank you to hear me and we can make this dream come true, "said Fernandez.
Moreover, China will contribute 2.099 million dollars to modernize and retrofit the Belgrano rail loading with new routes, locomotives and wagons. This branch connects Buenos Aires to the northern provinces of the country and its vast fields of soybeans are exported mostly to China. The purpose of this investment is to lower transportation costs for both partners.
In 2013 the volume of bilateral trade reached 14,840 million with an annual increase of 2.8%, said the Chinese embassy. This country is Argentina's second largest trading partner, the first destination of agricultural exports and the third source of investment Argentina, while the South American nation is the fifth member pl of the Asian trade in Latin America and is the third import source Chinese agricultural globally.
China's investments pl in Argentina have created more than 5,000 direct jobs and a higher amount of indirect jobs, said the Chinese ambassador. These capitals were to sectors such as intercity railway, providing services to 80% of the population of Buenos Aires and its surroundings, and telecommunications, where the company Huawei has supplied equipment to major companies in the area.
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