The National Assembly released in the edition No. 38,933 of the Official Gazette dated May 19th the law on the organization of the bilateral Iranian-Venezuelan bank.

According to the law, the financial entity will have an initial input of USD 1.2 billion -provided on equal proportions by the parties.

The purposes of the bank include the assessment of programs and projects in the areas of industry, trade, infrastructure, housing, energy, capital market and technology. The bank will finance also any activities that foster the export of goods and services; issue bonds to be placed in the capital market and execute cooperation and technical assistance agreements with third parties.

In addition to the bank, the congresspersons authorized the establishment of an Iranian-Venezuelan bilateral fund. This facility will handle USD 1 billion, out of which USD 500 million will be provided by Iran and the remaining USD 500 million will be offered by Venezuela trough the Investment Fund (Fonden).