Chavez loans aluminum, steel companies $3.2m
Monday, 10 August 2009
CARACAS, Aug 9 (AFP): Venezuelan President Hugo Chavez announced yesterday he would grant 3.2 million dollars in interest-free loans to public aluminum companies and the country's struggling steel company Sidor.
Sidor, which was nationalized last year, and the aluminum firms have been the target of protests and worker strikes over deteriorating conditions and low salaries.
Chavez said loans worth 250.4 million dollars would be distributed between five aluminum companies, with half disbursed in dollars and half in Venezuela's bolivars.
Sidor will receive two loans, one worth 45.4 million dollars and the other 4.4 million dollars, he said.
The money is being drawn from a joint Chinese-Venezuelan fund set up in 2006 and must be repaid within five years, but will not accrue interest, Chavez added.
Sidor, which was nationalized last year, and the aluminum firms have been the target of protests and worker strikes over deteriorating conditions and low salaries.
Chavez said loans worth 250.4 million dollars would be distributed between five aluminum companies, with half disbursed in dollars and half in Venezuela's bolivars.
Sidor will receive two loans, one worth 45.4 million dollars and the other 4.4 million dollars, he said.
The money is being drawn from a joint Chinese-Venezuelan fund set up in 2006 and must be repaid within five years, but will not accrue interest, Chavez added.