Bolivian leader hopes to attract more Chinese investment

LA PAZ - Bolivian President Evo Morales on Monday expressed the hope for more China credit and investment in his country.

As part of its policy of reducing undue US influence in the country and the region, Bolivia plans to seek more Chinese credit, as it is cheaper, stable and comes with no strings attached, Morales told a press conference.

Chinese credit carries a lower, fixed interest rate compared to standard loans subject to the market-average Libor rate, which can fluctuate upward, he said, adding that China invested in Latin American countries without any interference in their internal affairs.

Bolivia's foreign debt increased to $6.175 billion last year, accounting for 18 percent of its gross domestic product. However, the rate remains the lowest among Latin American countries.

The country started to turn to emerging markets for more credit lines and investment since it clashed with the United States over some policies, especially its militarized anti-drug strategies.

Morales said he planned to send a high-level delegation to India to seek new credit lines.