President Nicolas Maduro of Venezuela has announced that PetroCaribe financing would increase from 1% to 2%. Maduro made the announcement to his regional colleagues during a meeting in Managua, Nicaragua on 29 June for the Eighth PetroCaribe Summit. A report in El Dia says local authorities are hoping to be able to repay the debt in exports of black beans, eggs and chickens. To date the Dominican Republic has a debt of more than US$3.2 billion for PetroCaribe credits. The DR has been a beneficiary of the financing program since 6 September 2005 when it was signed by former President Leonel Fernandez and the late President Hugo Chavez of Venezuela. The agreement had established that while the price of a barrel of petroleum exceeds US$40, countries could finance it at 20 years at a rate of 1%.