• Venezuelan’s large housing project is set to be financed by the country’s supposedly oil-backed digital currency, the Petro
• Ildemaro Villarroel, the Minister of housing urges construction companies to follow the same initiative
• Several financial factors associated with petro limit the success of the housing project

“Nice Housing Project” comprising 3 million houses is the current biggest venture set to be financed by Venezuela’s virtual currency ,the petro. In Caracas, Maduro’s government has stated that there are sufficient funds and fabrics to achieve the completion of this project that will aid the struggling inhabitants in the country.

Ministry of Housing Urges Construction Companies to embrace Petro

The housing ministry of Venezuela has united with other government agencies to revive the Gran Misión Vivienda Venezuela (GMVV) program sponsored by the state which is aimed to develop rental apartments for the citizens. President Maduro’s administration is hoping to supplement the project using the country’s digital currency, the petro.

The minister of housing, Ildemaro Villarroel, has called upon state-run and private companies to support this aspiring plan. Minister Villarroel has affirmed that there are enough funds and the necessary construction materials required to reach their goal of 3 million housing units by the end of this year. These new houses will be available to all citizens of different social levels but senior citizens, professionals and young people will be prioritized.

Setbacks

Although this project will help millions of inhabitants in the country, it is also affected by several factors. For instance, international sanctions and the high rate of inflation are just a few financial predicaments confronting the grand plan.

Venezuelan administartion has primarily linked the progress of the project with the success of its crypto and ever since the Government in Carcass announced the public sale of petro, buy have not managed to get any virtual cash but only the so-called “petro certificates.”

On the same note, the futile impact of the petro is alarming considering the strong announcements by President Nicolas Maduro. The Venezuelan President had promised the citizens that they will be able to transact with petro in special economic zones including in the purchase of homes and property and ultimately boost the circulation of the country’s crypto-coin.

Currently, the Venezuelan officials have been persuading associated countries and organizations to accept petro for the international trading deals. So far there has been very little success even after offering the crypto to the Russian Federation, the Group of the Petroleum Exporting International locations (OPEC), and the members of the regional “Bolivarian Alliance for the Peoples of Our The us” (ALBA).