Chinese government loans 60 Million USD to Bolivia's National Mine Geology and Technical Service for Geological Map

In January 2008, the Jiangxi Department of Exploration and Development of Geological Resources and Minerals (Depgeomin) and the Bolivian geological institution National Geology and Technical Mining Service (Servicio Nacional de Geología y Técnico de Minas) signed an agreement in which the Chinese government agreed to finance and participate in the production of 70% of a Geological Map (Carta Geológica) of Bolivia. Financing was to consist of a 60 million USD loan from the Chinese government, which was also outlined in the agreement. Additionally, according to El Diaro's reporting, if any areas are uncovered during the process of creating the map that have potential to become mineral or hydrocarbon mining sites, Chinese companies will get preference for developing these areas in a 50/50 partnership with Comibol, the Bolivian state-run mining company. El Diaro also reports that if such a partnership is established, the 60 million USD of debt will be taken on by the Chinese company involved, and the Bolivian government's debt obligations will be voided. The deal is part of wider economic cooperation agreements signed by the governments of the two countries in December 2007. The purpose of the agreement is to find new mineral resources in Bolivia in areas that had not yet been mapped, about 85% of Bolivia's territory at the time of signing. Work on the new map was expected to begin in June 2008. As of mid-2014, about 41.8% of Bolivia had been mapped. However, it is possible that the project never progressed. In late January 2008, a Jiangxi Geology official told Interfax-China that no legally binding agreement had been signed after other outlets reported an agreement had been signed, and per "Reporte Anual de Industrias Extractivas" another, similar, confidential agreement was signed in 2018.

Additional details

While many sources call the funds from the Chinese government an "investment," they rely on reporting from El Diario, which explicitly notes this "investment" comes in the form of a loan, indicating the term "investment" is likely not being used to mean a literal investment.

Number of official sources

3

Number of total sources

9