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Jamaica announces 4-million-dollar assistance to Venezuela

Xinhua, July 28, 2016 Adjust font size:

The Jamaican government on Wednesday approved 4 million U.S. dollars of assistance to Venezuela.

"This decision is taken primarily to give support in the form of medicine, food and fertilizer," said Information Minister Ruel Reid.

Of the total, 3 million dollars will be provided through the PetroCaribe Development Fund and 1 million dollars through the Ministry of Science, Energy and Technology, according to Reid.

Jamaica and Venezuela have enjoyed close relationship over decades, under mutual beneficial regional mechanisms such as the PetroCaribe and the Community of Latin American and the Caribbean States.

PetroCaribe, which began in 2005, is an oil supply mechanism which allows Caribbean countries to buy oil from Venezuela on conditions of preferential payment.

It allows member nations to buy oil at market value and only pay a percentage of the cost up front, with the balance being paid over 25 years at an interest rate as low as 1 or 2 percent per year. Endi