The New York Times reports Russia has provided Fidel Castro’s protégé Hugo Chavez and Venezuela a $1 billion military loan. Venuezuela’s pursuit of military hardware and modernization is tilting heavily the military balance in Latin America in its favor. NYT further elaborates:

Russia stepped up efforts to project its increased might on the world stage on Friday, welcoming President Hugo Chávez of Venezuela by signing a $1 billion military loan to Venezuela and announcing wide-ranging plans to modernize its nuclear deterrence.

[...]

The $1 billion loan for arms purchases and military development was announced in a Kremlin statement released Thursday night. The statement said Mr. Putin and Mr. Chávez had spoken on enhancing economic cooperation and trade in commercial goods as well as military technologies.

The $1 billion loan will help finance programs related to military-technical cooperation, the statement said. The Kremlin would not elaborate on the details of the deal.

Between 2005 and 2007 Venezuela has signed 12 contracts for weapons purchases from Russia for a total of more than $4.4 billion, the Kremlin statement said.

The move is the latest gesture of military friendship between Russia and Venezuela, two counties that have increasingly positioned themselves as mavericks vis-à-vis the West. [Read more →]

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Tags: Caribbean, Fidel Castro, Hugo Chavez, Latin America, military balance, military loan, military technologies, multipolar world, nuclear deterrence, President Hugo Chavez, Russia, technical cooperation, transport helicopters, Venezuela, venezuelan navy

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