Russia to Invest $16.5 Billion in Venezuela by the End of 2019

Russian Deputy Prime Minister Yuri Borisov and President Nicolas Maduro during a meeting in Caracas, Venezuela, Oct. 5, 2019.

Russian Deputy Prime Minister Yuri Borisov and President Nicolas Maduro during a meeting in Caracas, Venezuela, Oct. 5, 2019. | Photo: Reuters

Russian and Venezuelan authorities announced a “ten-year cooperation map” aimed at developing productive initiatives in the fields of energy, industrialization and mining.

As a result of the last meeting of the Russia-Venezuela High Level Intergovernmental Commission (CIAN), which was held in Caracas on Saturday, Russia announced that it will invest US$4 billion in the Bolivarian economy until the end of 2019.

“In the midst of difficulties, we can move forward together through the political and diplomatic coordination that we have developed in response to the imperial harassment and aggression, of which Russia is a victim, too,” Venezuela’s Industries and Production Minister Tareck El Aisame said.

At the CIAN meeting, Russian and Venezuelan officers announced a “ten-year cooperation map” in which productive initiatives in energy, industries and mining are being proposed.

Among these actions against the blockade is the development of foreign trade through the promotion of alternatives to the international financial system.

Currently, besides buying Russian products with the Venezuelan cryptocurrency called “Petro”, the Maduro administration is developing a digital payment system based on blockchain technology.

This system will allow the South American country to avoid carrying out financial transactions in dollars and in banks linked to the SWIFT system.

Created by former President Hugo Chavez and President Vladimir Putin in 2002, the CIAN is a bilateral cooperation mechanism which focuses on both the exchange of working methods and political orientations and the development of bilateral agreements.

Through this bilateral instrument, a relationship has been established between both countries whose purpose is not to control the South American nation, but to contain the effects of the U.S. blockade […]

via Russia to Invest $16.5 Billion in Venezuela by the End of 2019

5 thoughts on “Russia to Invest $16.5 Billion in Venezuela by the End of 2019

  1. Pingback: Russia to Invest $16.5 Billion in Venezuela by the End of 2019 | Worldtruth

  2. I would tend to agree that both consumption and mining need to be reduced to bring carbon emissions down. However at the moment the Venezuelans have no choice. They either have to agree to offer something of economic benefit to Russia and China – or submit to the US coup destroying their revolution.

    Liked by 2 people

    • Absolutely Dr. Stuart. The western “democracies” and fat cat countries are the ones who caused most of the damage, so damage mitigation is obviously only for those countries trying to get out from under the booted heel of the already rich and are still exploiting their wealth and power to do exactly what they are denouncing in the efforts of other countries. 123 scientists would not sign their names in that fateful document regarding the climate change predictions, precisely because they knew that it would be a stick to beat emerging economies with – economies threatening their global hegemony. Unless they are willing to subsidize countries using the same methods they themselves used enabling poorer countries to improve their countries transition out of poverty, then any meaningful discussion regarding reducing man made climate change, is a one sided and hypocritical conversation.
      Any countries now deploying the methods previously used by those who have gotten rich off the back of such activities should be talking about how they can spread the wealth they have already gained in order to achieve parity. Never gonna happen.

      Liked by 1 person

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