Resources will fund projects BCV
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Published at 06:15 AM on November 13, 2009 | The World



Anyone who has ever saved. Of profits generated on operations of the Central Bank of Venezuela (BCV), the A share in the "fund for projects."

With this policy, the BCV will replenish capital for the banking industry claims that this will provide stimulus to the economy sectors, classified as essential by the Executive, and thus promote the financial system to pay more in 2010.

The chairman of the Finance Committee of the National Assembly (AN), Deputy Ricardo Sanguino, said there will the money for credit operations under Article 48, paragraphs 6 and 8 of the BCV Law as amended by the Parliament.

Sanguino confirmed that the operation for these credits, which will go to public and private sectors, national, regional and local-will between the BCV and banking.

The individual will go to the bank, not the BCV. The function of the body will give the financial system-with-money special conditions that give credit to projects in priority sectors, with the aim of increasing bank intermediation.

Although it will be the board of Central Bank of Venezuela to set the terms of the loans, the intention is to attract new business.

There are now loans within two years. The current proposal seeks to increase that time to more years for those credits that BCV will give the bench.

So far many have not been established.

In the area of interest, monitor the BCV that the bank provides to these sectors to the lending rate that is fixed in the market for class applicant. And not excessive fees.

While the bank that received funding to provide the BCV to pay below-market interest, this varies depending on the type of projects and industry. The idea is to appeal the increased intermediation.

While the applicant pays the bank, this should cancel the BCV the money that financed the loans.

When the bank liquidates the loan, the BCV will return to the bank securities, promissory notes or commercial instrument that has given as security for these resources.

The main sectors considered are "the manufacture, construction, food, agriculture, mining for the formation of monetary and nonmonetary gold and export capacity projects.

BCV President Nelson Merentes said that before the end of the year delivered 500 million bolivar fuerte.

The agency ensures that you will recover the funds disbursed.

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