CARACAS: Venezuelan President Nicolas Maduro announced on Friday his government will sell oil and other commodities in currencies other than the dollar, in a bid to weather US-imposed sanctions on the embattled country.
“I have decided to start selling oil, gas, gold and all other products that Venezuela sells with new currencies, including the Chinese yuan, the Japanese yen, the Russian ruble, the Indian rupee among others,” he said during a television broadcast.
“A economy free from the US imperialist system is possible.”
Washington’s tough new sanctions on Caracas bar US banks from trading in new bonds issued by the government or the state run oil company PDVSA. The goal is to restrict Venezuela’s access to vital bond and equity markets.
The aim is to “deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule,” the White House said.
Maduro railed that they amounted to a financial and economic blockade, as ratings agency Fitch downgraded Venezuela and warned default was now likelier.
The country has to make $3.8 billion (SR14.25 billion) in debt payments in October and November, while its foreign currency reserves have sunk under $10 billion.
Venezuela to sell oil in currencies other than US dollar
Venezuela to sell oil in currencies other than US dollar
IsDB announces $2.41bn in new financing for strategic development sectors
JEDDAH: The Islamic Development Bank has approved $2.41 billion in new financing for a series of transformative projects during its 364th Executive Board meeting, chaired by IsDB President Mohammed Al-Jasser.
The approvals underscore the bank’s ongoing commitment to regional cooperation, economic development, and climate- and environment-friendly investments that advance the UN Sustainable Development Goals across its member countries.
The new financing includes an additional $40 million for the Central Asia–South Asia Electricity Transmission and Trade Project (CASA-1000) in Tajikistan, aimed at boosting regional energy trade, improving electricity access and reliability, and mitigating climate change through the export of clean and renewable energy.
The bank also approved €116 million ($135 million) to upgrade Senegal’s Dakar Expressway Project.
The initiative is designed to improve health, education, and economic services for local populations, reduce traffic congestion and peak travel times, and enhance road safety measures to halve traffic-related deaths and injuries, with a particular focus on women and young pedestrians.
A $1.307 billion allocation was approved for Kazakhstan’s Economic and Industrial Zones Project to foster sustainable industrial development.
The initiative is expected to promote economic diversification, attract investment, create jobs, and boost global competitiveness through infrastructure upgrades and operational efficiency in special economic zones, industrial zones, and specialized industrial zones.
Bahrain will receive $330.07 million to expand its industrial capacity and strengthen economic competitiveness. The funding will support the development of modern industrial land with resilient infrastructure, advanced export-oriented manufacturing, effective internal connectivity, and reclaimed land facilities.
The project aims to stimulate private investment, generate employment, and reinforce Bahrain’s position as a regional industrial and logistics hub.
The IsDB approved $160 million to enhance utilities, water, and urban development sectors in Jordan.
The financing will secure future drinking water supply for Aqaba, Amman, and northern regions, support climate adaptation and mitigation, foster economic growth, and promote private sector participation in sustainable, long-term water solutions to alleviate severe water stress.
Azerbaijan was granted $436.67 million to improve agricultural productivity by reducing irrigation water losses and supporting sustainable rural development, in line with Azerbaijan’s 2030 vision.
The project will also promote green growth, strengthen climate resilience, and ensure long-term food security.
The approved projects reflect the IsDB’s strategic focus on fostering sustainable and inclusive growth across member countries by addressing critical infrastructure, energy, water, transport, and industrial development challenges.
These initiatives are expected to deliver lasting impact and contribute effectively to achieving the Sustainable Development Goals.
