Venezuelan Social Development Bank to Increase Foreign Loans and Credits

This year, Venezuela`s Social Development Bank (BANDES) will augment its financing of international projects to 576 million bolivars ($268 million), a 98% increase over last year, according to Finance Ministry statistics reported in the Venezuelan daily El Universal.

Many projects financed by BANDES projects involve exchanges in which Venezuela offers oil at reduced prices and loans at favorable rates to Central American and Caribbean nations.

It is projected that BANDES projects in both Cuba and Uruguay will each receive $60 million in financing this year.  

In the Dominican Republic, projects already underway will receive $15.8 million, while $45.8 million is planned in financing for new projects. Likewise, $7.9 million will be invested in Jamaica, and $13.9 million in Haiti.

In Central America, BANDES plans to deliver loans and credits worth $5.5 million in Nicaragua, $2.9 million in El Salvador, $2.9 million in Antigua Island, and $2.2 million in Barbados.

BANDES will also grant a credit line worth $11.6 million to the Central American Economic Integration Bank.
BANDES also has branches in Nicaragua and Ecuador, which managed $29 million and $15 million respectively in 2007.