Venezuela releases seven imprisoned Americans in exchange for the US reportedly releasing two nephews of President Nicolas Maduro's wife.
Colombian and Venezuelan officials watched the first truck cross a bridge connecting the two countries during a ceremony to open their land border.
At least seven people have been found dead in Venezuela's Tachira state after heavy flooding hit a religious gathering.
The funding will be used to support food assistance, emergency shelter and health care programmes, provide water, sanitation and hygiene supplies, and protect groups made vulnerable by the crisis.
President Nicolas Maduro agrees to be the guarantor of Colombia's talks with the National Liberation Army, or ELN, the last active rebel group in a country torn by decades of conflict.
"Relations with Venezuela should never have been severed. We are brothers and an imaginary line cannot separate us," said new Colombian Ambassador Armando Benedetti after arriving in Caracas.
Border bridges are being assessed ahead of the reopening, a decision that Bogota says will help contain "illegal economies and smuggling" between the South American neighbours.
The plane, sold by Iranian company Mahan Air to Venezuelan airline Emtrasur, was immobilised in June by Argentine officials.
Caracas and Bogota both name new ambassadors to each other's capitals, a first step in normalising diplomatic relations after recent inauguration of Colombian President Gustavo Petro.
Colombia was one of around 60 countries to reject Venezuela’s 2018 presidential election, which was boycotted by the opposition.
Head of Venezuela's congress Jorge Rodriguez denounced former US national security adviser John Bolton's comments, saying the US has been stirring unrest.
Two American investment funds say they will be working jointly with Caracas-based group but any effort is subject to approvals by US and under-sanctions Venezuela.
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