June 21, 2007
Venezuela Bank Opens in Nicaragua

(Prensa Latina) - "The Venezuela Economic and Social Development Bank (BANDES) opens offices in Nicaragua, aimed at benefiting small producers with low-interest credits.

BANDES branches will operate with an initial capital of 20 million dollars, and their opening is in line with the Bolivarian Alternative for the Americas (ALBA).

Half of that figure will be used to grant low-interest credits to small and mid-size Nicaraguan producers, and the rest, non-repayable, is to fund social projects.

Nicaraguan President Daniel Ortega and other members of the Sandinista cabinet are expected to attend the inauguration, while Deputy Foreign Minister Rodolfo Sanz and Agriculture Minister Elías Jaua will do so for the Venezuelan party"