Venezuela state bank expands in Latin America

21 September 2006

The state development bank of Venezuela has announced expansion plans that include the opening of new branches across Latin America.

New branches will be created in Honduras, Bolivia, Haiti and Guatemala under the new plans announced by Edgard Hernandez Behrens, head of the Bank of Economic and Social Development (Bandes).

The Venezuelan government has a 75 per cent stake in Bandes and the country's president Hugo Chavez has lent millions of dollars to projects run in conjunction with other nations in Latin America in a bid to help Venezuela's poorer neighbours and promote regional integration.

Venezuela, the world's fifth largest oil exporter, also intends to provide $15 million worth of funding to develop Bandes branches in Uruguay, Mr Hernandez Behrens told reporters.

Officials from the development bank purchased Urguayan credit co-operative Cofac in March this year for $10 million, and have spent the same amount on capitalising on the investment.

Venezuela's recent attempts to work more closely with its neighbours and provide funding have been criticized in some quarters.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development