The Fifth Venezuela-Russia Intergovernmental Commission reviewed the agreements between the two countries. In that context, both parties were refining the organization of a binational bank.

Venezuela's Minister of Economy and Finance Alí Rodríguez Araque met on Thursday with Russian delegates to prepare to initial a Memorandum of Understanding that provides for the creation of the institution. The capital of the bank is still under evaluation.

The entity would be responsible for addressing some of the projects being developed by the two countries. Rodríguez Araque said that "while there are some projects underway, there are other projects that will require credit lines."