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Venezuela, Libya to create $1b fund

26 Oct 2010

(MENAFN) Venezuelan President Hugo Chavez announced that his government is creating a $1 billion joint fund with Libya to pay for projects that the two countries will pursue together.

Chavez announced that plan, in addition to a $100 million joint fund being set up with Syria, as he reviewed results of his latest seven-nation tour in a marathon speech.

Chavez did not give details of how the funds would be spent but said projects with Syria range from helping to build an oil refinery in the country to setting up a plant for processing olive oil.

Chavez said during his speech that Venezuela has also signed contracts with companies from Russia, Iran, Belarus and Portugal to build 37,000 homes for the government in the South American country.

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