Colombia and Venezuela set up fund to finance micro and small enterprises

· Economics, Latin America
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24th Jan 09: The presidents of Colombia and Venezuela: Álvaro Uribe and Hugo Chávez in Cartagena de Indias. Photo: Miguel Ángel Solano - SP

Cartagena | ColPas. The presidents of Colombia and Venezuela announced the creation of a fund to finance micro and small enterprises as a measure to face the the global recession. The fund will start with resources for 200 million dollars with an equal participation of both countries.

Presidents Álvaro Uribe of Colombia and Hugo Chávez of Venezuela met in Cartagena de Indias to discuss economical agreements to face the worst global financial crisis in 70 years. Venezuela and Colombia have traditionally partners and they share the most dynamic commercial border in Latin America.

President Uribe said that Colombia will invest hundred million dollars in he agreement to finance small enterprises of Colombia and Venezuela, the ones that could be more vulnerable in the time of crisis.

Uribe said that Bancoldex is the one appointed to follow the project, the same that has its own source in the Development Inter-American Bank, the Andean Corporation for Promotion and the World Bank.

By his part, president Hugo Chávez said that the project is very welcome in this time of crisis of the global economy in order to promote employment, production and commercial interchange.

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