State-run bank Banco de Venezuela is to provide funds to cement makers
ECONOMY
Venezuelan President Hugo Chávez announced on Wednesday that his government approved to disburse USD 183 million from the Chinese Fund and over USD 98 million in the form of a loan granted by state-run bank Banco de Venezuela to expand cement plants in the states of Aragua and Falcón.
Chávez added that state-run Venezuelan Cement Industry (Invecem) will manage the resources.
The Venezuelan president hinted that private financial institutions should finance state-owned companies. "How difficult it is to make private financial institutions comply with the law. We will have to put pressure on private banks. Why can they not finance cement plants? They can do it and workers will meet such obligations."
Minister of Science and Intermediate Industries Ricardo Menéndez said cement production is 4.7 million tons, which includes 300,000 tons stored to be used in the Great Mission Housing Venezuela.
The minister also said that USD 167 million has been invested in cement companies this year.
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