ABN News Service: Venezuelam President Hugo Chavez Frias has announced approval for a China-Venezuela Strategic Fund of US$6 billion.

“We were already politically agree ... four billion dollars from China and two billion from Venezuela ... a total of US$6 billion aimed at productive investment.”

The Head of State made the announcement during a telephone conversation with a group of Jose Antonio Bolivarian High School students in Anzoategui State who are contenders to be part of the Venezuelan Socialist United Party (PSUV).

Chavez explained that the Vice-Minister for Finances, Rafael Isea, came back from China where the final structure of the fund was agreed with in a Top Level Mixed Commission. He announced, as well, new international initiatives, such as a Russia-Venezuela Top Level Inter-Government Commission.

“The Russian Vice-President is coming together with more than 60 government staff members and businessmen who will stay here in Venezuela all week long. We are going to sign new energy and industrial cooperation agreements.”

Likewise, a top level commission with Algeria will be set and, on November 3, the strategic commission with China comes to Venezuela as well as another from London (England).