Moscow is ready to loan Venezuela $4 billion on purchases of military equipment, Russia's Kommersant newspaper said on Friday citing a diplomatic source.
"Russia is ready to loan money to Venezuela," the source said. "Considering the current election campaign in the country, this loan would mean the opportunity to support our key ally in the region."
Venezuelan Minister of Finance and Planning Jorge Giordani is expected to visit Russia in the near future to discuss the conditions of the loan with Russian officials.
Earlier reports indicated that Caracas may ask Russia for an additional $6.5 billion on the development of infrastructure in the oil-rich Latin American country.
Between 2005 and 2007 Venezuela reached deals to buy $4-billion worth of arms from Russia, including Sukhoi fighter jets, combat helicopters, and guns. Chavez' government also secured a $2.2-billion loan in 2010 to purchase Russian T-72 tanks and S-300 air defense systems.