Venezuela to invest US$34.5mn in Portuguesa infrastructure

Venezuela's Portuguesa state approved a 216mn-bolívar (US$34.5mn) budget for road and water infrastructure this year.

The state government plans to invest in 16 infrastructure projects in 14 municipalities, Portuguesa's planning chief Wilmar Castro told newspaper Correo del Orinoco. The state, in western Venezuela, is one of the country's most important agricultural regions.

Water projects include an oxidation pond in San Genaro de Boconoíto, and pipelines in Ospino (6.6mn bolívares) and Santa Rosalía (2.9mn bolívares), Castro said. Another 25mn bolívares was allocated for water pumps and motors for the state water company and 23.9mn bolívares for safety and life-saving equipment, he said.

The state government also approved 6.4mn bolívares to repair the Uveral highway in Esteller, for paving works in Villa Rosa (11.5mn bolívares) and Ospino (4.7mn bolívares), 7.8mn bolívares for the 6km Las Majaguas road and 11.3mn bolívares to repair roads in Turén.

Venezuela's President Nicolas Maduro plans to repair the country's crumbling infrastructure after receiving a US$5bn loan from China in April. Declining oil prices have crimped public spending as the country, the world's fifth largest exporter of crude, depends on oil for 95% of its export earnings.

Venezuela has already received US$20bn in Chinese loans for infrastructure and energy sector projects, according to consultancy firm Eurasia Group.