The Venezuelan minister of habitat and housing has announced the government is planning to fund the "Great Mission for Venezuela Housing", an initiative to make quality housing more accessible to the homeless, using the national cryptocurrency petro. The president has authorised a budget of $750,000, as well as 909,000 petros, for the new homes. According to the minister, this will be done by issuing bonds in order to raise funds from private investors who are interested in investing in Venezuela's real estate market. Villaroel said that 33 companies so far have started technical, financial, and logistics tests to start the construction process, adding: "Together with the governors, we are reviewing the plans that we will begin in the second quarter, in this second quarter GMVV will have an injection of financial resources, which this year will be protected and established with [the] Petro." The heavy inflation of the Venezuelan bolivar has meant that petro creates a "protective shield" for house construction.
The Venezuelan minister of habitat and housing has announced the government is planning to fund the "Great Mission for Venezuela Housing", an initiative to make quality housing more accessible to the homeless, using the national cryptocurrency petro. The president has authorised a budget of $750,000, as well as 909,000 petros, for the new homes. According to the minister, this will be done by issuing bonds in order to raise funds from private investors who are interested in investing in Venezuela's real estate market. The heavy inflation of the Venezuelan bolivar has meant that petro creates a "protective shield" for house construction.