Venezuela

Venezuela possesses historically extensive oil, transport and port infrastructure that once underpinned one of Latin America’s largest economies, but decades of underinvestment, political turmoil and sanctions have led to widespread deterioration of energy systems, refineries, electricity networks and basic services. The ongoing economic crisis has also resulted in pervasive service shortages, deteriorating roads and utilities, and significant outmigration, complicating any infrastructure modernization efforts. While recent political and legal reforms have been proposed to attract foreign investment in oil, energy and mining sectors, substantial institutional and financial reforms are needed to translate Venezuela’s resource base into sustainable development.