Maduro receives an invoice of US$ 1 billion with BNDES – 05/29/2023 – Panel SA

Venezuela will have to present a plan to pay its overdue debt of around US$ 1 billion with the Brazilian government arising from BNDES financing for five infrastructure projects.

The matter was dealt with this Monday (29) during the official visit of the Venezuelan dictator Nicolas Maduro to Brazil with President Lula.

Advisors to the president claim that the updated debt numbers show that Venezuela still needs to pay US$ 170 million directly to the BNDES and another US$ 903 million to the FGE (Fundo Garantidor de Exportações), linked to the Ministry of Finance.

The purpose of this fund is to cover the guarantees provided by the Union in the export operations of goods and services of national companies. It works like insurance.

The insured party has already been paid to the bank. Now it’s up to the government to collect Venezuela’s debt. It is not yet known how this debt will be settled, but, according to reports from those who participated in the conversations, it is part of the resumption of political and commercial relations with the neighboring country.

So far, lines I and II of the Caracas Metro, for example, have been fully compensated by the FGE —US$73 million and US$154.5 million, respectively.

The works at Siderúrgica Nacional, Estaleiro Astialba and Conviasa still have outstanding installments of US$ 117 million with the BNDES. In total, these undertakings have already led the fund to pay US$ 675.6 million. This month, another US$ 54.8 million will be paid to the BNDES.

With Diego Felix

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