Venezuela is planning to raise around $3 billion in a sale of dollar-denominated bonds, Bloomberg reports. The dollar debt offering is part of the government’s plan to raise nearly $10.5 billion.

The amount raised will be used to help finance President Hugo Chavez’s programs to build homes, boost agricultural production and create jobs. In August 2010, Venezuela sold $3 billion of 12.75% dollar-denominated debt, maturing in 2022.

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