Economy
Russian Prime Minister Vladimir Putin and Venezuelan Executive Vice-President and acting Minister of Defense Ramón Carrizález Tuesday presided over the signing of an agreement to create a Russian-Venezuelan bank.

The agreement was initialed by the Russian Vice-Minister of Finance Dmitri Pankin and by the Venezuelan Vice-Minister of Finance and Economy Gustavo Hernández, reported Russian news agencies.

The ceremony took place in Novo-Ogarjovo, the suburban official residence of the Russian President, located on the outskirts of Moscow, according to Efe.

The Russian-Venezuelan bank, the creation of which was announced in November, 2008, will finance inversion joint projects, particularly in the transport and energy areas.

"The founders of the bank, on the Russian party, are Vneshtorgbank and Gazprombank. The Government assumes that Russia will have a 51% share", said Dmitri Pankin.

On the Venezuelan side, state-run oil company Petróleos de Venezuela and the National Treasury will be the stockholders.

Carrizález, who described the relations between both countries as "strategic," held a meeting with Putin, to whom he gave a letter written in Russian language and signed by President Chávez, the content of which was not unveiled.

"All of our proposals were accepted and are being carefully studied by the Russian government. We will study all of the Russian remarks that require a prompt response," said Carrizález, quoted by Interfax.

In turn, Putin hailed the visit of the Venezuelan Vice-President as "very successful." The Venezuelan Vice-President arrived in Russia after visiting Belarus, another strategic partner of Venezuela in Europe.

Translated by Marta Tolosa