Republic

A strategic fund for Belarus-Venezuela joint development will start working in the near future. For these purposes, the two countries have been making all necessary organizational and legal arrangements. The creation of the fund and its activity were considered during the consultations with the delegation of the Finance Ministry of Venezuela headed by Gustavo Hernandez, the deputy minister on the international cooperation, in Minsk on March 17-18, BelTA was told in the Finance Ministry of Belarus. The meeting focused on the criteria in the selection of investments projects, the list of major documents necessary for the preliminary consideration of investment projects, the projects financing mechanism and many more. The Finance Ministry noted that the fund is set to become a key unit in implementing the bilateral investment projects of Belarus and Venezuela. The fund will finance Belarus-Venezuela top-priority events in the scientific, industrial, social, economic, technological, energy, agricultural and other areas. The fund’s resources will be allocated in the form of loans. The fund will initially total $500 million.