China could play a role in World Bank reengagement with Venezuela

Due to an economic collapse that has made basic food and medicine unaffordable in Venezuela, many people cross the border into Colombia to purchase goods they need to survive. Photo by: Teresa Welsh / Devex

BOGOTÁ, Colombia — The World Bank doesn’t currently do business with Venezuela, but the institution is poised to reengage if and when the time is right.

Under the rule of former authoritarian leader Hugo Chávez, Venezuela cut off active engagement with the World Bank in 2006. Since then, the country has remained a member of the International Bank for Reconstruction and Development and has participated in the bank’s spring and annual meetings. Venezuela is also represented on the World Bank board of executive directors in Washington, D.C., but repaid all of its outstanding obligations by the middle of 2007.

About the author

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    Teresa Welsh

    Teresa Welsh is a Reporter with Devex based in Washington, D.C. Prior to joining Devex, Teresa wrote about Latin America from McClatchy's Washington Bureau and covered foreign affairs for U.S. News and World Report. She worked as a reporter in Colombia, where she previously lived teaching English. Teresa earned bachelor of arts degrees in journalism and Latin American studies from the University of Wisconsin.