The document prioritizes reviving the engines of growth, emphasizing the rehabilitation of the electricity sector, improved social services for vulnerable groups, and support for reconstruction following the devastating earthquakes that occurred in June.
The board of the Inter-American Development Bank (IDB) unanimously approved a work document for Venezuela on Friday. It is the institution’s first formal roadmap for resuming operations in the country, after it suspended the granting of new loans in May 2018.
The document sets out the Bank’s priorities, but it is not itself a loan and does not settle Venezuela’s payment arrears. It is a transitional instrument—shorter than the IDB’s conventional country strategy—designed to guide operations until a comprehensive strategy can be developed.
The IDB’s previous strategy for Venezuela covered the 2011–2014 period; under the bank’s rules, any member country without a current strategy cannot access new loans or guarantees.
The Venezuelan government did not immediately respond to a request for comment.
The document prioritizes reviving the drivers of growth, emphasizing the rehabilitation of the electricity sector, improving social services for vulnerable groups—including social protection and food security—and supporting reconstruction following the devastating earthquakes that occurred in June.
Earlier this week, Venezuelan lawmakers approved a reform to the country’s electricity law, opening the energy sector to private investment after nearly two decades of state control.
As of September 30, Venezuela owed the IDB $2.3 billion in overdue principal and interest. The bank’s rules prohibit issuing new loans until those arrears are settled. In October, Reuters reported that Venezuela was considering a bridge loan from Qatar to pay off the amounts owed.
In September, Reuters reported that IDB President Ilan Goldfajn was seeking support for a proposed $2.5 billion loan to Venezuela, but faced resistance from some board members, Reuters news agency said.
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