Beijing has been reaching out, in Africa and in South America, strengthening its relations as well as becoming the “lender of last resort,” for many countries, according to ItemLive.com. Kirchner was effusive in her praise for what she called the “Worlds number one economy,” at the opening ceremonies.
Over the course of the three-day visit, a total of 15 agreements were signed, dealing with everything from travel visas, information technology, media, energy, space technology and financing. Getting China to build two nuclear power plants was the icing on the cake. Kirchner explained the nuclear plants would be built in Argentina using transfer of technology from China, calling the move a “gateway for the deepening of this strategic relationship.”
Even though the financial details of the nuclear plant deal were not discussed, Kirchner did send a message on her twitter account saying the IV Nuclear Plant and V Nuclear Plant require investments of $5.8 billion and $7 billion respectively, according to China Economic Net. China is also helping Argentina to rebuild its crumbling infrastructure. particularly the railway system which has been in decline since the 1940s. Highway construction and the building of the two hydroelectric dams is all part of the package.
“Long day, but very fruitful,” Kirchner’s Twitter account read earlier this week. “Argentina confirms its presence and importance in the No. 1 economy of the world. The reception couldn’t be better.” And her enthusiasm seems to point out Beijing’s new role as the lender of last resort for many countries in Latin America. With the collapse of the price of oil and other commodities, many of these countries have had to reign in their spending, and their economies are hurting.
The nuclear power plant agreement signed in Beijing
The 21st Century Business Herald reported on Feb 6 that the two countries signed an agreement to build “pressurized water reactor (pwr) nuclear power units in Argentina.” According to the agreement, China will provide financial support to the project if the Argentine nuclear project uses Chinese nuclear power technology. As part of the agreement, the China National Nuclear Corporation (CNNC) was appointed to execute the “cooperation agreement.”
If Argentina uses the CNNC technology, the country agrees to allow CNNC to fully participate in every aspect of the work, from design, equipment, construction, finance, and service, to fuel fabrication and fuel treatment. In any case, this would be a first for China in exporting nuclear technology to Latin America. The reactor being used is called the ACP1000, independently designed by CNNC.
