Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Lender CAF proposes $400-million Venezuela credit: Guaido

Published 10/08/2019, 09:02 PM
Updated 10/08/2019, 09:06 PM
© Reuters.  Lender CAF proposes $400-million Venezuela credit: Guaido

CARACAS (Reuters) - Latin American development bank CAF has proposed a $400-million credit line to Venezuela, but it will not be administered by President Nicolas Maduro's government, the opposition leader said on Tuesday.

Juan Guaido, whom many nations recognize as Venezuela's real leader following accusations that Maduro rigged a 2018 election, told parliament the proposed loan was intended to alleviate the effects of a crushing five-year recession.

Venezuela has defaulted on its foreign debt and is reeling from an unprecedented economic crisis, political hostilities, U.S. sanctions and an exodus of several million citizens.

"Those who don't pay don't get loans," Guaido said, ruling out the proposed CAF loan going to Maduro's administration but without specifying the alternative arrangement.

Caracas-based CAF, which is owned by 19 countries primarily in Latin America and the Caribbean and 13 private banks in the region, did not respond to a request for comment.

CAF approved a $500-million credit line to Venezuela's central bank in December, drawing criticism from opposition lawmakers for financing the "dictatorship."

There was no immediate comment from Maduro's government, which views Guaido as a U.S. "puppet" and coup plotter.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.