Venezuela Creates Fund to Promote Productive Credits

On Wednesday, Venezuela's President Nicolas Maduro announced measures to facilitate the granting of productive credits, among which is the allocation of USS10 million for the creation of the National Entrepreneurship Fund (FNE).

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"In order to expand the granting of credits, the banking reserve will drop from 85 percent to 73 percent and banks will be able to use 10 percent of their foreign reserves to give credits," Maduro said during a meeting with bankers.

To boost the digital economy, the Bolivarian administration simplified the requirements to open bank accounts, allowing Venezuelans to open an account with about US$221 in any national financial institution. Vice President Delcy Rodriguez announced the creation of a security that will allow entrepreneurs to go to brokerage houses and obtain financing for 30, 60, 90, or 360 days.

"We are democratizing credit and expanding credit and banking activity," she said, explaining that the new policies will allow a large part of the Venezuelan population to access financial systems for the first time.

The Bolivarian government will permanently monitor the new monetary policies to ensure that they have a positive impact on the access of all producers to timely credit.

"I am determined to recover Venezuela’s industrial apparatus... In 2022, we will consolidate economic growth," Maduro said, explaining that the reactivation of productive activities will improve the income of workers and their families.

The Venezuelan president assured that these policy objectives will be achieved despite the fact that the U.S. continues to harass his country with an arbitrary and criminal blockade.