Venezuela has received a new $5 billion (3.35 billion pounds) loan from China, President Nicolas Maduro said, part of an oil-for-loans deal that has become a key source of financing for the cash-strapped OPEC nation that is struggling with low crude prices, Reuters has reported

"We have received $5 billion more to finance development," Maduro said on Sunday during a televised speech.

China has lent Venezuela more than $45 billion since the two countries set up the oil-for-loans agreement set up by the late President Hugo Chavez.

Those funds in recent months have helped Venezuela shore up its international reserves, which have steadily declined following last year's rout in oil markets, Reuters stated.