Venezuelan Government Set to Fund 3 million Housing Project Using State-backed Token—Petro

Venezuelan Government Set to Fund 3 million Housing Project Using State-backed Token—Petro

Petro venezuela

The Venezuelan Government has recently announced plans to build 3 million homes for its citizens. The government made it known that it will be financing the project with its digital currency, the Petro. Surprisingly, the authorities made it known that there is more than enough money and material to get the project done.

Not a New Project

According to a previous report, the government of the county has previously launched a state-sponsored program focused on the building of new apartment blocks for the masses. It is this program the Venezuelan Ministry of Housing along with some other key government institutions are looking to revive. The program which was termed the Gran Misión Vivienda Venezuela (GMVV) is expected to get funded using the country’s national cryptocurrency— Petro.

The housing minister of the country, Ildemaro Villarroel has invited both state-run and private companies during the first housing meeting to help provide adequate support for the revived project. Villarroel made it clear that making use of the Petro to finance the project will greatly help with the consolidation of the economic independence of Venezuela.

He also made it clear that the financing of the Gran Misión Vivienda Venezuela (GMVV) is within the budget of the country and materials required for the completion of 3 million housing units by the end of this year is also available.
It was also confirmed that the distribution of newly constructed houses will commence immediately the construction is over. Apart from professionals, young people and senior citizens, who are a top priority, all other Venezuelans will have equal access to getting a house.

2.5 Million New Homes Has Been Built

Villarroel also made it known that, right now, over 2.5 million new homes which are part of the “Great Housing Mission Venezuela.” initiative has been delivered and 1 million houses have also been renovated under the program. The government has also allocated more than a million plots of urban land for the project.