BANDES Backs ALBA Nicaraguan Projects
The progress of the Bolivarian Alternative for the Americas (ALBA) in Nicaragua is concretely demonstrated here, asserted Rafael Isea, president of Venezuela's state Bank of Economic and Social Development (BANDES) Thursday.

Isea and Nicaraguan President Daniel Ortega official opened the first BANDES office in Nicaragua, in Managua today.

BANDES comes to Nicaragua with "open arms," Isea said, pointing out it would give 10 million dollars in credit for the Nicaraguan agricultural cooperatives.

It will also make a bank transfer of another 10 million to finance social projects, with a non-payable character.

Isea arrived with Venezuelan Agriculture and Land Minister Elias Jaua, who leads the Mixed Commission working for the fulfilment of agreements between Venezuela and Nicaragua.

The bank president said since the signing of the ALBA agreements in January, Venezuela has been fulfilling its commitments, as for instance, the oil and urea supply.

Several projects are also in different stages of study or execution, for example the installation of a factory and the construction of social works in the sectors of public health, education, dwellings, and highways.