Venezuela to lend $500 million to Belarus

Venezuela is to issue a $500-million loan to Belarus, Venezuelan Ambassador Americo Diaz Nunez said at a news conference in Minsk on Friday. The ambassador said that all required documents were being drawn up. As for a fund that the two countries intend to set up to fund joint projects, Mr. Nunez said that it was 'operating.' He said that a package of projects to be funded from the fund had already been prepared, citing the construction of housing in Venezuela among major projects. 'This project envisages a very big amount of investment,' he said. 'A project to redevelop the central district of Caracas will demand several billions dollars alone.' The fund is to total $500 million with the entire sum to be contributed by Venezuela. 'This will be a renewable fund,' the ambassador said, adding that it would accumulate more money.