Venezuela to Allocate 15% of Loans to Women-Run Ventures

On Wednesday, Venezuelan President Nicolas Maduro signed a decree requiring both public and private banks to allocate 15 percent of their loan portafolio to ventures led by women.

RELATED:

Venezuela Opens Investigation into Opposition Primaries

"I'm signing a presidential decree that establishes a mandatory commitment to dedicate 15 percent of the banks' portfolio to women under the special Credimujer program," he said.

Additionally, the Bolivarian leader unveiled the creation of the Grand Mission Venezuelan Women, a social program aimed at providing support to women in various areas.

Over the next six months, the Maduro administration aims to launch 300,000 new women-led ventures. This policy encompasses training, formalization, financing, and promotion of these new entrepreneurial initiatives.

The new decree will further empower women, as 70 percent of the credits from the National Entrepreneurship Fund, established in February 2022, has already been disbursed to this segment of the population.

Vice President Delcy Rodriguez indicated that the new plan includes special conditions for the credits extended to women, distinct from standard commercial credit terms.

Starting in 2024, the national budget and all public policies will be developed with a gender perspective, with the goal of achieving "balance from a social standpoint."