Petroleos de Venezuela (PdVSA) will offer about $10-15 billion to development fund, Fonden, The Wall Street Journal reports. The fund, controlled by Venezuela’s president Hugo Chavez, is an off-budget spending vehicle used to finance social projects. The fund gets contributions from Venezuela’s central bank and PdVSA. In 2011, the central bank has provided about $3.5 billion to the vehicle. The bank has set a limit on its international reserves and transfers any excess to Fonden.
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