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Russia commits $16.5 Billion investment by end of 2019 in Venezuela

Photo credit: telesurtv 

By BO Staff Writer

A “ten-year cooperation map” aimed at advancing productivity in energy, mining and industrialization has been announced by the Russian and Venezuelan governments.

Following the meeting convened in Caracas last Saturday of the Russia-Venezuela High Level Intergovernmental Commission (CIAN), Russia declared its commitment to invest in the Bolivarian economy. It has already invested US$4 billion in this regards.

CAIN was formerly established in 2002 by Venezuelan President Hugo Chavez and Russian President Vladimir Putin as a mechanism of mutual cooperation for the sharing of work methods and political perspectives. Moreover it serves to facilitate the development of bilateral agreements.

In terms of the “ten-year cooperation map” provision is also made for foreign trade to be developed through the utilization of alternatives to the international financial system. In this regard in addition to procuring Russian goods with the “Petro” (Venezuelan cryptocurrency), a digital payment system founded on the blockchain technology is also being developed by President Maduro’s administration.

In this way executing financial transactions in U.S. dollars and via the SWIFT system linked banks, can be eliminated by Venezuela.

It must be stated that CAIN’s revolutionary purpose is to counter and contain the effects of the US blockade. It’s in no way meant to control Venezuela.

“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,” the Venezuelan Minister of Industries and Production, Tareck El Aisame, said.

CIAN had previously convened during the visit of President Maduro to Moscow on 25 September this year.

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