Russia grants Venezuela $1bn
2008-09-26 06:27
Moscow - Russia is lending one billion dollars to Venezuela to buy Russian arms, the Kremlin said on Thursday, ahead of a visit by Venezuelan President Hugo Chavez.
"Russia has taken the decision to grant Venezuela a credit of one billion dollars for implementing programmes in the field of military-technical co-operation," it said in a statement, using diplomatic jargon for arms sales.
Venezuela has been asking for the loan for months, according to Russian media reports.
The Kremlin said Venezuela has signed 12 arms contracts with Russia since 2005 for a total value of $4.4bn.
Venezuela - which in the past has bought Russian fighter jets, tanks and assault rifles - wants to buy anti-aircraft systems, armoured personnel carriers and more combat aircraft, the Kommersant newspaper has reported.
Chavez is due to meet Prime Minister Vladimir Putin later on Thursday, then hold talks with President Dmitry Medvedev in the Urals Mountains city of Orenburg on Friday on his third visit to Russia since June 2007.
- AFP