Venezuela and IADB clash over $200 billion biofuels plan

What is at stake is Venezuela’s attempt to control the energy politics of South-America. Interference by a multilateral organisation like the IADB – perceived to be loyal to U.S. interests, not surprisingly since U.S. Treasury Secretary Henry Paulson was present at the meeting and vowed strong support for the biofuels plan – is seen by Venezuela’s left-wing government as ‘neo-imperialism’. It forms a threat to the country’s attempts to forge a broad left-wing alliance in Latin America, in which energy is used as a geopolitical weapon.

Biopact