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Palestinian leader, Mahmoud Abbas landed in Caracasfor 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. Venezuelan minister of tourism Marlenys Contreras and Palestinian director general of international cooperation, Imad Zuhairi agreed to bilateral tourism and hotel projects; 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.