Increased funds for exports

Increased funds for exports

El Universal
Venezuela
Infosearch:
José Cadenas
Bureau Chief
USA
Research Dept.
La Nueva Cuba
August 19,
The Venezuelan Foreign Commerce Bank (Bancoex) up to July has granted
loans amounting to USD 90.8 million, a 96 percent compared to the same
period in 2005.

Bancoex president Gustavo Márquez said increased interest in new markets
such as Cuba and Bolivia has boosted the bank's credit portfolio.
"Sixty-three percent of the credit portfolio is earmarked to fund
Venezuelan exporters operating through credit lines with banks based in
countries members of the Common Market of the South (Mercosur) and the
Bolivarian Alternative for the Americas (ALBA), such as Cuba."

"Since 2005, Cuba has become the top destination of non-traditional
exports funded by Bancoex," Márquez said. Since the agreement of the
Bolivarian Alternative for the Americas (ALBA) was initialed in 2005,
Colombia is no longer the top destination of exports funded by Bancoex,
while the southern markets continue to grow. Market diversification
includes Iran, China and Russia.

http://www.lanuevacuba.com/nuevacuba/notic-06-08-1921.htm