Global Trade Alert

On 13 January 2010, the government of Venezuela announced the creation of the Fondo Bicentenario to promote import substituting as well as export-related projects. According to the official gazette, the fund will have a capital base of 3 billion Bolivares (700 million or 1.15 billion US Dollars under the dual exchang rate).
 
Two thirds of the initial capital endowment are to be spent on import substitution projects in the industries for textiles, clothing, shoes, food, packaging, light machinery, pharmaceuticals, wood and furniture. The rest of the endowment is to promote investment into exporting activities.