Venezuela's legislature gives initial approval to private investment in electricity sector

Venezuela's National Assembly has approved a proposed reform to open the electricity sector to private investment, marking a significant shift from nearly two decades of state control.

​Venezuela's National Assembly ​on Tuesday ‌initially approved ​a proposed reform which would open ‌the electricity sector to private investment, allowing the creation of joint ventures ‌after nearly two decades of state ‌control.

The bill is the latest effort by interim President Delcy Rodriguez, who ⁠took ​power ⁠in January after the U.S. ouster ⁠of her predecessor, to open the ​country's economy to foreign and private ⁠capital, after changes to hydrocarbons and ⁠mining ​laws. The reforms are backed by the administration of ⁠U.S. President Donald Trump, who has said ⁠his ⁠government will help revive Venezuela’s economy to benefit both ‌U.S. ‌companies and Venezuelans.

(Reporting ​by Reuters)