Venezuelan President Hugo Chávez has announced that his government has given its approval for a loan of US$183m from the Chinese Fund and a loan of over US$98m granted by state-run bank Banco de Venezuela for the expansion of cement plants in the states of Aragua and Falcón.
The state run Venezuelan Cement Industry (Invecem) will be responsible for managing the resources. An amount of US$167m has already been invested in cement companies in Venezuela this year.
The Venezuelan President stressed that private financial institutions should provide a financial backup for 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." The cement production of Venezuela is 4.7Mt.