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Ministry receives US$26.7mn to boost cement industry (Venezuela)
2010-12-24
Venezuela's science, technology and industries ministry has received two loans amounting to 115mn bolivares (US$26.7mn) to upgrade the state-owned cement producer FNC.

 

The first loan, worth 78.9mn bolivares, comes from the Siembra foundation, while the second, worth 35.6mn bolivares, comes from bank Banco Agricola, the national assembly said in a release.

 

The funds will go towards increasing the capacity at FNC factories, as well as streamlining management and technology.

 

Cement firm Cemex will also benefit from the finances. However, ongoing legal disputes over the firm mean it will be unable to receive the funds before January, according to the release.

 

Venezuela nationalized Cemex, previously a unit of Mexico's Cemex (NYSE: CX), in 2008.


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