Bolivia inaugurated a steel plant to reduce metal import reliance, financed mainly by a $546 million loan from China. The facility aims to enhance local production and demonstrates China’s expanded economic role in South America.

Bolivia has officially inaugurated a new steel plant, aiming to bolster its local metal production and lessen its dependency on imported metals. This facility, located in Mutun near the Brazilian border, represents a significant investment of $546 million primarily funded by a loan from the Export-Import Bank of China. This development underscores China’s growing influence in the economic landscape of South America, particularly in resource-driven projects.

The inauguration of the Mutun steel plant marks a pivotal step for Bolivia in enhancing its self-sufficiency in metal production while simultaneously strengthening ties with China. This facility not only aims to address the nation’s foreign currency shortages but also symbolizes the increasing economic cooperation between Bolivia and China.

Original Source: www.caledonianrecord.com