Venezuela Approves Multilateral Loans

Venezuela has approved two loans, totaling $614m, from multilateral lenders IDB and CAF. Caracas-based Andean Corporation has already approval a loan of $600m towards the construction of the Tocoma hydroelectric plant, due to be operational by 2014. This will be the second loan by CAF granted to the project – the first was for $300 million in 2004. The IDB loan is for $14m and is aimed at environmental issues in the Caroni river basin.