Venezuelan President Hugo Chavez announced the creation of a fund with an initial capital of 100 million bolivares (46.5 million U.S. dollars) to 'guarantee equipments in the hospitals of the country' on Friday. The capital came from a Venezuela-China development fund which was created in 2007 to deepen cooperation between the two countries in areas of energy, technology, agriculture, telecommunications and financing, Chavez said in a national TV and radio broadcast. The new fund was named 'Mao Fund' in honor of the late Chinese leader Mao Zedong, he added. The fund would enable the Venezuelan Health Ministry to 'guarantee equipments in the hospitals of the country,' according to the Venezuelan state-owned Bolivarian News Agency (ANB). 