Venezuelan Grand Prix

The Venezuelan Grand Prix is a project of automobile race track to be constructed in Margarita island, Venezuela and to be inaugurated in October of 2007. The project was approved by the Interior of the State Nueva Esparta, Circuit the Simón International Bolivar and by the National Institute of Deportes of Venezuela, that contemplates the investment of near 1,135 million dollars. The automobile race track will fulfill the requirements demanded by Fédération Internationale of l'Automobile (IT TRUSTS) to make events automobile international, including a Great Prize of Formula 1.

The president of the Circuit, Caesar Galeano, had initially presented/displayed projects for the construction of the circuit in other places of Venezuela, such as the Peninsula of Paraguána, in the state Falcon, and Barcelona in the state Anzoátegui. Finally it was decided on the Margarita Island, to count this with one better hotel infrastructure, and for tourist reasons and of security.

Of the total investment, 800 million will be contributed by Formula 1, which will be financed by ENTRUSTS it through their vice-president Bernie Ecclestone. The number leaves a margin of participation for the Venezuelan government open, who could contribute through one of the filial companies of his oil state one Citgo. 60% of the investment that will become in this circuit will be into the hands of the National Institute of Deportes and the rest will be private capital, including the support of ENTRUST it.

The initial project had calculated a cost of 350 million dollars, in the proposal for Isla Margarita included an international automotive mechanics school, raised originally for Circuit the International of Shanghai and that did not get to be constructed. As it leaves from the project is considered the creation of a Bank of Tourism to mobilize the investments generated from the beginning of activities of the circuit. Also, IT ENTRUSTS it will contribute with the extension of those hotel companies that require investments to offer more and better rooms.

There are two sites that are had visualized to construct the automobile race track. One is the Peninsula of Macanao and the other is a land located next to Santiago Marino airport. The director of Formula 1, ENTRUSTS and the German designer Hermann Tilke they will visit both places to make the final decision and to begin the works.

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