CARACAS, Venezuela (CMC):

A Venezuelan official here says the PetroCaribe initiative has brought hope to the Caribbean, in helping member countries deal with soaring oil prices.

Foreign Minister Nicolas Maduro said the oil pact is helping to liberate the region which has "always used to be a land of imperialism".

Since 2005, when Hugo Chávez created PetroCaribe, 14 countries have joined Venezuela in the pact, which lets them finance up to half their oil bills over 25 years at low interest, Gulf Daily News reported.

Venezuelan and Caribbean officials are currently meeting here to assess the initiative which has created huge savings for the region. Caribbean countries have saved $437 million on their oil bills as a result of participating in the programme. Officials said the Central American nation of Nicaragua also plans to join the PetroCaribe programme.