World Bank delegation visits Venezuela

A team of World Bank experts this week visited Venezuela for the first time since the South American country and the Washington-based bank renewed relations in April, the bank said Friday in a statement. The bank's vice president for Latin America and the Caribbean, Susana Cordeiro Guerra, led a delegation that met with interim leader Delcy Rodriguez and her economic team, the statement said. "The discussions, held in a cordial and constructive atmosphere, allowed both parties to exchange views on Venezuela's recent economic developments and explore possible areas of collaboration on technical assistance," the World Bank said.

Both sides "agreed to continue working together to define concrete areas of technical collaboration for the benefit of the economic and social development of the Venezuelan people," it added. The renewal of relations between Caracas, the World Bank and the International Monetary Fund -- which had been frozen since 2019 -- has opened the door to possible financial support for Venezuela, if the government asks for it. The January capture by US special forces of Venezuelan leader Nicolas Maduro prompted the IMF to poll its members about how to proceed, and if they saw Rodriguez as the country's legitimate leader.

At the same time, the United States has heaped pressure on Caracas to open its flailing economy to foreign investment, particularly in its energy sector. Venezuela has the world's largest proven crude oil reserves, but its infrastructure is dilapidated and has suffered from corruption and underinvestment. Washington has lifted a large number of sanctions targeting Caracas, and direct flights between the two countries are progressively resuming. Increased exchanges between global financial institutions and Venezuelan leaders could reassure investors who are hesitant to commit funds to the fledgling government.