BREAKING NEWS

Chavez: Venezuela expects $4 billion loan from Russia

By REUTERS

AUGUST 18, 2011 05:36

CARACAS - Venezuela expects to receive a second loan of $4 billion from Russia to keep modernizing the South American country's armed forces, President Hugo Chavez said on Wednesday.

Caracas and Moscow have forged close ties in energy and defense, with Russian investment flowing into the OPEC member's oil fields at the same time that Chavez became one of Russia's most important weapons customers.

A Venezuelan government statement did not say when the new funds would arrive, but Chavez hailed the agreement during a phone call to a military ceremony broadcast on state television.

Last year, Chavez said Russia had given Venezuela a similar $4 billion loan to buy weapons, but did not say what arms that money would be used to purchase.

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