[China-Venezuela Joint Fund] Chinese financing for Mission Barrio Adentro IV (Linked to #58677)
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Health (Code: 120)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
As part of the Barrio Adentro IV program, China donated over 100 million USD worth of medical equipment, surgical equipment, and has taken the first steps in building factories to produce these goods in Venezuela as of March 2011. This donation of equipment went towards 559 Integral Diagnostic Centers with 130 operating rooms. Chinese financing also supported the opening of 8 new hospitals in 2011 under the Barrio Adentro IV program. The eventual goal is 16. However, there are still only 8 due to irregularities in funding. Mision Barrio Adentro IV is is responsible for the most complicated and specialized medical and surgical needs. These are national and referral facilities where teaching and research is carried out. This project is funded by the China-Venezuela Development Joint Fund. The Fund receives contributions from China Development Bank and FONDEN, and it is administered by BANDES. See project ID#58677 for more information on the fund. The first commitment to this fund was made in 2007.
Additional details
Value of Chinese financing is unclear. The transaction amounts for all sub-projects are accounted for in the projects for the three tranches and their renewals. Because it is unclear how much funding for each project is from the Chinese side and it is unclear which tranche is funding each sub-project, the transaction amounts should not be recorded until this information is known.
Number of official sources
3
Number of total sources
10
Details
Cofinanced
No
Direct receiving agencies [Type]
Banco de Desarrollo Económico y Social de Venezuela (BANDES) [State-owned Bank]
Implementing agencies [Type]
China-Venezuela Joint Fund [State-owned Fund]
Collateral provider [Type]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]
Collateral
Venezuela undertakes through PDVSA to sell fuel and / or crude oil in accordance with the oil contract (s) to ChinaOil in quantities not less than 230,000 barrels per day, by the date on that the obligations assumed with respect to the facilities have been completed and unconditionally fulfilled by BANDES; ChinaOil will deposit the money for the purchase of crude oil and fuel directly into the collection account opened and maintained by the BANDES and CDB.