National Government creates a fund to increase productive capacity

ABN 26/08/2008
Caracas, Aug 26. ABN.- The Government of the Bolivarian Republic of Venezuela has created a Fund for Productive Promotion in order to increase country's productive capacity, which will be focused to develop new productive units and expand the ones that have been already created.

The statements were made by the Minister of People's power for Light Industries and Commerce, William Contreras, in the event carried out to mark the start of such project.

Contreras stressed that this fund is in the framework of the productive relaunch measures announced by the President of the Republic, Hugo Chávez Frías, on June 11.

Minister Contreras said that with the creation of this new financial instrument, the government "is promoting the development of new projects to build new productive units, so that country's capacity in this sector will be increased."

Furthermore, Contreras assured that among the opportunities offered by this fund, "it is established the possibility of working capital loans for companies that want to expand their production capacity or because technological modernization."

Moreover, he pointed out that this fund will start with 500 million dollars. That number should be doubled by the end of 2009. Interest rates for this credits will be between 3-7% with 2 years of grace period.

The Ministry of People's Power for Light Industries and Commerce has a portfolio with more than 20 projects in an evaluation stage.

For instance, "there is a fuses company, the only one in the country, which we have labeled as really important due to the great amount of products from this company that are required nationwide," Contreras commented.

He made emphasis on the the fact that representatives of this company have proposed to form a joint venture with Venezuelan State.

Likewise, he talked about the company Motores de Venezuela, which requires an expansion in its capacity to produce small motors for electronic artifacts.

Some of the proposals of this Fund of Productive Promotion include the reactivation of the business rounds and the relaunching of the governmental program Fábrica Adentro III.

In addition, Contreras explained that it is expected the creation of the so-called Fábricas Gemelas (Twin Factories), which consists on creating industries with identical physical structure and functions.


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