Chavez for Socialist
Development Fund
CARACAS - Venezuelan
President Hugo Chavez
proposed creation of a
Socialist Development
Fund to finance projects
designed by governors
and mayors to benefit
the people.
He announced his
initiative during a TV
broadcast from Guarico
state last night to back
candidates of the United
Socialist Party of
Venezuela (PSUV).
The new Fund is expected
to be composed of
capital from the
National Development
Fund, which will be
devoted only to support
socialist productive
projects, said Chavez.
On Friday, the
Venezuelan president
confirmed an investment
of over eight million
bolivars (about $3.6
million) in
socio-productive
programs linked with the
Mision Madres del Barrio
(Neighborhood Mothers
Mission.)
These funds are expected
to encourage the
implementation of about
600 projects in the
textile, agricultural,
industrial, tourist and
service areas
countrywide, he
explained.
In the past two years,
the Venezuelan
government has sponsored
the Mision Madres aimed
to help poor women get a
job to support their
families.
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