The public sector banks that operated as commercial entities are the Industrial Bank of Venezuela (Banco Industrial de Venezuela - BIV), the Agricultural and Livestock Development Bank (Banco de Desarrollo Agropecuario-Bandagro). The BIV, the oldest state-owned bank, served as the major lender to the public sector and to the industry. In addition to the public sector banks, the state also operated 23 development finance institutions that typically funded large, long- term development projects in both private and public sectors. These were generally projects that were unable to secure commercial banks loans.