[China-Venezuela Joint Fund] China signs agreement for joint venture for home appliance assembly plant with Venezuela in 2009 (Linked to Record ID #s #35985, #37528, #37838, #38163, #38316, and #38380)

Project narrative

In February 2009, Hugo Chavez and Chinese Vice President Xi Jinping signed an agreement for the creation of a joint venture company for home appliances. Then, on November 25, 2011, an official commencement ceremony took place for a home appliance assembly plant construction project. In May 4, 2012 Haier Group Corp. signed an agreement with Corporation of Intermediate Industries of Venezuela, SA (Corpivensa) to officially establish the joint venture. Haier invested 143 million USD to install the factory complex. On September 20th, 2012, the company built a factory for electrical appliances in Valles del Tuy in the state of Miranda. As of 2014, the company had distributed more than 3 million home appliance machines benefiting 500 thousand families through the program “My Well Equipped House”. Because this project was supported, at least in part, by the China-Venezuela Joint Fund (Fondo Estrategico Pesado), this project is marked as a resource-backed or commodity-backed loan. See linked Record ID #s #35985, #37528, #37838, #38163, 38316, and #38380.