Santa Ana de Coro (sänˌtä äˈnä ħā kōˈrō) [key] or Coro kōˈrō, city (1990 pop. 124,506), capital of Falcón state, NW Venezuela, 7 mi (11.3 km) from the Caribbean Sea, and at the base of the Paraguaná peninsula. The development of the oil industry on the peninsula stimulated rapid expansion of the city. Coffee, hardwoods, hides, and tobacco are exported through its port of La Vela. Founded in 1527, Santa Ana de Coro became the base for Spanish explorations into the interior. From 1528 to 1546 it was mortgaged by the Spanish to a German banking house, and during this time German adventurers explored the region.