Strategic fund for Belarus-Venezuela joint development started up

A strategic fund for the joint development of Belarus and Venezuela began to function and the first $90 million were already transferred to its account, First Vice-Premier of Belarus Vladimir Semashko said at a reception dedicated to the Independence Day of Venezuela in the Palace of Republic on July 8. This strategic fund is designed to finance joint projects in different areas. The initial size of the fund is $500 million. Vladimir Semashko underlined that Belarus and Venezuela are currently implementing joint projects in different areas, the major one being oil extraction. A joint venture on exploration seismology is successfully working in Venezuela. The sides have already embarked on the implementation of the agreements reached by the two countries concerning the establishment of a joint venture on the production of Belarusian machines and construction materials. Belarusian specialists plan to install gas in the regions of Venezuela and to set up agrotowns there. The relevant documents have already been signed. Vladimir Semashko drew a special attention to the high priority attached to the Belarusian-Venezuelan relations.