ANNOUNCED AS TEMPORARYNo
The government of Venezuela on 4 September 2014, announced the creation of the Special Fund for an Economic Offensive.
The initial scope of the Special Fund for an Economic Offensive is to allocate 500 million Bolivars (USD 79 million) for immediate investments in projects which implementation is related with the following national sectors: industrial sector, tourist sector and other (sundry) sectors.
Furthermore, it was announced that 3 billion Bolivars (USD 472 million) will be allocated to the purpose of providing financial support to domestic entrepreneurs who decide to become part of the Economic Offensive.
Finally, it was also announced that 15 billion Bolivars (USD 2.4 billion) will be provided in the form of credit lines for manufacturing companies. These credit lines will be distributed through the public banking system.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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