Venezuela To Use Petro To Fund Villas For The Homeless

Venezuela’s minister of Habitat and Housing, Ildemaro Villarroel recently confirmed that the country’s government hopes to use its oil-backed cryptocurrency, the Petro to fund the construction of villas.

Reports from local news outlet Telesur states that, the villas will be funded as part of the country’s housing project “la Gran Misión Vivienda Venezuela (GMVV),” which sources say is aimed at providing “homeless families a decent and accessible housing solution, using data provided by the community interested in solving the problem of family housing deficit.”

According to Villarroel, 33 local firms are presently conducting technical, financial, and logistical validation process to proceed with construction projects. The Venezuelan minister was quoted stating:

“Together with the governors, we reviewed plans that we will start up in the second quarter, in this second quarter the GMVV will have an injection of financial resources, which this year will be protected and established with the Petro.”

Telesur reported that Venezuelan leader Nicolas Maduro permitted the use of 75 billion bolivars estimated at $750,000 and 909,000 Petros to construct the new villas. The Venezuelan official stated that the oil-backed cryptocurrency provides benefits that “represent a protective shield for housing construction.”