$2.4 Billion in Spending Increases for Venezuelan Public Housing and Universities

August 14, 2008 (venezuelanalysis.com)-- The Venezuelan government approved US$1.1 billion in funding for universities, institutes, and university colleges, as part of the Bolivarian government’s increased support of the superior education system and another US$1.3 billion for public housing.

Tuesday, Chavez announced that a week ago it that his government decided to deliver 14 additional credits to the technology university colleges, which will be used for the hiring of teachers for the national programs of formation and information laboratories.

In an event in IUJO (University Institute Jesus Obrero) in the state of Petare, Chavez reported that the investment in the private sector of high level education had been increased as part of a policy designed to increase the number of enrolled students.

He indicated that such investments are in order to guarantee that people with less economic resources have access to higher education in private institutions, through scholarships or subsidies.

Then, on Wednesday, Venezuela’s recently appointed housing minister, Francisco “Farruco” Sesto, announced that the government also approved of additional spending for public housing, in the amount of $1.3 billion for now until the end of the year.

These funds would be used to construct 39,000 homes, which are to be completed sometime between late 2008 and early 2009.

Sesto estimated that Venezuela’s housing deficit, which experts believe is currently at 1.8 million homes, can be overcome in eight years by constructing 200,000 new public housing units per year.

Additional funds were also approved to increase to 100,000 the number of members of the mission, “Mothers of the Barrio,” which provides a basic income to poor housewives and single mothers.