Venezuela will set up $1b. fund with Libya

October 26, 2010 09:14


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Venezuela — Venezuelan President Hugo Chavez on Monday said his government is creating a $1 billion joint fund with Libya to pay for projects that the two countries will pursue together.

Chavez announced the 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.

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