Venezuela Cancels
Nicaragua's Debt
Venezuela has cancelled
Nicaragua's us$33.2
million debt under the
framework of a debt
relief initiative,
Nicaragua's Foreign
Ministry announced.
Nicaragua has reduced
its public debt to
us$3.3 billion now that
Venezuela decided to
reduce Nicaragua's debt
under the framework of
the the Heavily Indebted
Poor Countries (HIPC)
debt relief initiative,
the ministry said in a
communique.
"Venezuela's decision on
debt cancel strongly
supports our country and
will make Nicaragua's
public debt sustainable
and improve the
investment climate,
making the country more
attractive to local and
foreign investment."
During a visit to
Nicaragua on Friday,
Venezuelan President
Hugo Chavez handed
credits worth us$5.3
million to small
enterprises and
thousands of backpacks
and teaching materials
to teachers.
Chavez and his
Nicaraguan counterpart
Daniel Ortega opened a
fossil-fuel refinery in
Nicaragua later that
day.
Chavez said his country
would build
petrochemical,
electricity and natural
gas plants in Nicaragua
worth us$1.5 billion. |
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