Banco de Comercio Exterior (Bancoex), the Venezuelan government's foreign trade bank, issued some 89.4bn bolivares (US$35.2m) in loans during the first six months of the year, said a Bancoex representative. The bank's lending was focused on small- and medium-sized enterprises (SMEs) and cooperatives of medium-sized companies involved in export accounting for 55% and 45% of the funds respectively. When looking at Bancoex's lending by sector, some 62% went to companies in manufacturing and production, 21% to agriculture and 15% to commerce and services, according to the official. The bank's goal is to promote non-traditional export activities, which are expected to increase by US$8.5bn in the next five years, according to government projections.
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