Palestine and Venezuela Establish Bi-National Development Bank

Venezuela and Palestinian leaders agreed to start a bi-national bank between the two countries to be kickstarted with 20 million Venezuelan Petros.

Newly re-elected Palestinian leader, Mahmoud Abbas landed in Caracas last night for a two-day diplomatic stay in Venezuela.

Abbas and President Nicolas Maduro have signed an accord to create a bi-national development bank to fund technological and industrial initiatives between the two countries.

Today’s session at the Miraflores Palace in Caracas also established an agreement to begin a Venezuela-Palestine business council to expand economic, banking, trade and financial cooperation among the countries.

Both countries already maintain several accords in the areas of education, trade, energy, agriculture, culture, communication, sports, defense, security and health since 2009.

Maduro told Abbas during their meeting:

The Palestinian president thanked Maduro for standing in solidarity with Palestine:

The Palestinian head of state will continue his Latin American diplomatic tour to Cuba and Chile.

Source: Palestine Chronicle