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Friday, September 26, 2008

Russia to Extend $1 Bln Loan to Venezuela for Military-Technical Cooperation

Russia will extend Venezuela a $1 billion loan to implement a military-technical cooperation program, under which Moscow and Caracas have already signed contracts worth $4.4 billion in two years, a Kremlin source has said.

"The Russian side has made the decision to provide a $1 billion loan to Venezuela to implement the military-technical cooperation program," the source told Interfax ahead of a meeting between the Russian and Venezuelan presidents in Orenburg on September 26.

"In all, the two countries signed 12 contracts to ship Russian arms to Venezuela worth $4.4 billion in 2005-07," the source said.

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