PDVSA received credit fund that finances housing works

Petroleos de Venezuela has expanded its network of financing in the public sector, not just the National Treasury and the public banks will channel resources, also receives funding from the Simon Bolivar Reconstruction Fund, which is the mechanism that manages money for works Housing Mission.

The financial statements for 2013 show that during the year obtained a loan PDVSA Simon Bolivar Fund by 2.8 billion dollars.

That debt, says the state, was settled late last year, because it paid $ 1.1 billion and the remaining obligations offset by accounts receivable that had the fund.

The requirements that the industry has had its core projects as assigned central government have led to expand their activities and funding sources, therefore, in this structure include the Simón Bolívar Reconstruction Fund.

operations

This special fund was established in 2011 when the Great Housing Mission Venezuela was launched. At the start of the housing plan was responsible for administering the funds transferred by the oil and government entities in the area of ​​housing. Subsequently, it has been used to cast parts.

In fact, this mechanism is responsible for placing titles on the bench in exchange for a portion of the mandatory mortgage portfolio and projects serving these resources.

These instruments offered by the Fund and are reflected in the behavior of indirect central government debt, which at the end of the first quarter of this year reached 16 billion dollars, according to figures from the finance office.

Also notes the Fund has delivered to the Central Bank, which the central bank has funneled money to the housing plans.

In the financial statements, the State indicated that in the year 2012 came to settle in the Central Bank papers in the order of $ 4 billion.

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