Financing Venezuela’s Future in the Aftermath of Disaster

The double earthquakes of June 24 accentuated a year of profound change in Venezuela. What was already a significant undertaking by the interim government in collaboration with the U.S. administration to address years of economic mismanagement and infrastructural deterioration, has become even more urgent in the face of a tragedy that has claimed thousands of lives and livelihoods while causing economic damages of up to $37 billion, per early estimates.

But, as the world rallies in support of Venezuela, can this disaster present an opportunity to attract the resources needed to accelerate the country’s long-term reconstruction? In this episode of Latin America in Focus, AS/COA’s Luisa Leme talks to representatives from two organizations that have been responding to Venezuela’s humanitarian and financial challenges for years: the International Rescue Committee (IRC) and CAF – The Development Bank of Latin America and the Caribbean.

Rafael Velasquez Garcia, who leads the IRC’s emergency response in Venezuela, explains the earthquakes add another 1.4 million people in need of humanitarian attention to the almost 8 million whom aid organizations had identified before June 24. Combined with rebuilding thousands of structures and repairing the water and power supply, it’s a financing challenge CAF’s Ángel Cárdenas Sosa says multilateral development banks are working around the clock to meet and which will require the support of the public and private sectors.