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.
“There is no financial or operational or dialogue engagement at this time,” said the World Bank’s Colombia and Venezuela country director, Ulrich Zachau. He took up the post in July 2018.