President Hugo Chávez' government is set to make a new disbursement of petro-dollars to further cement trade ties with Cuba.

Luis Quiaro, president of Banco Industrial de Venezuela, the largest Venezuelan state bank, explained: "We are making a contribution of capital amounting to USD 50 million for our branch in Cuba. Obviously, this money goes to the parent company, and is then deposited in our Cuban branch."
 
This money is intended to fund "Venezuelan, Cuban or joint companies," in order to fuel bilateral trade.

Further, the board of directors of Banco Industrial de Venezuela is waiting for economic and legal surveys to be completed in order to open branches in Bolivia and Argentina.

Quiaro explained that the bank reported losses in the second half of 2005 because of general and administrative expenses. He stressed that the institution had profits in January this year.