Venezuela starts bi-national bank with Palestine using cryptocurrency

This new bank has been developed for the purpose of bypassing American imposed sanctions

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.

Yesterday kicked off a two day diplomatic visit between the leaders of Venezuela and Palestine.

The first item on the agenda was the signing of an agreement to create a bi-national bank to fund infrastructure, technology, and industry between the two countries.

Additionally, a business council spanning economic and financial matters was agreed upon.

The bank will be started off with 20 million Venezuelan Petros.

As Reported by Telesur

Newly re-elected Palestinian leader, Mahmoud Abbas landed in Caracas last night for a two-day diplomatic stay in Venezuela and already he and President Nicolas Maduro have signed an accord to create the binational bank to fund technological and industrial initiatives between the two countries.

During the same meeting Venezuelan minister of tourism Marlenys Contreras and Palestinian director general of international cooperation, Imad Zuhairi agreed to bilateral tourism and hotel projects.

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 sovereign and free Venezuela is dedicated to the cause of a free, independent, sovereign and peaceful Palestine.” The Palestinian president thanked Maduro for defending his country, “I’d like to reiterate my thanks to the Venezuelan government and its people for their support of the Palestinian cause.”

Palestine’s president went on to thank Maduro for the education scholarships that have enabled many Palestinian students to study in the South American country. “Dozens of engineers and doctors have graduated and others continue to study,” said Abbas.

Abbas thanked Venezuela for its help in establishing the ophthalmology hospital in Palestine named “Hugo Chavez”, after the deceased Venezuelan president.

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

The timing of this accord is of interest as it coincides with a fresh round of sanctions from the Americans against Venezuela, together with more election demands.

As reported by Naharnet:

Vice President Mike Pence will on Monday announce new U.S. sanctions against Venezuela and call for a “sham” May election to be delayed.

Pence will address the Organization of American States in Washington, where he will announce new sanctions linked to the drug trade, an aide said.

The vice president “will announce new Venezuela kingpin sanctions and call to suspend (president Nicolas) Maduro’s sham elections,” an official told AFP.

It appears that the more America tries to isolate sovereign countries who aren’t playing America’s game, the more it drives them together. This new bank has been brought about for the purpose of bypassing sanctions set by America.

The newest complaint over claims of a rigged election are, of course, ridiculous, as one can see the security of the voting process in Venezuela.

Of course, in Washington’s perspective, there is no such thing as a free and honest election that doesn’t fawn over America’s politico-economic chess game.

Anyone who has been paying attention to the way America operates knows that what they really mean is that they are afraid that the victor of the election is going to be somebody who won’t be their puppet. The irony is that the more Washington prods, the more united its adversaries become.


The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.

What do you think?

10 Points
Upvote Downvote
Notify of
Inline Feedbacks
View all comments

Will Korean denuclearization lead to an integrated economic initiative with Russia and China?

BREAKING: Armenian parliament elects Pashinyan Prime Minister