Project ID: 37519

[China-Venezuela Joint Fund] Support to Aluminum, Iron, and Steel Companies [Linked to #58677]

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Recipient

Venezuela

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

No

Category

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2009-01-01

Description

President Hugo Chavez of Venezuela conceded $300.2 million to assist Venezuela's ailing aluminun, iron, and steel companies, drawing from the China-Venezuela Joint Financing Fund (Fondo Estrategico Pesado, see #37330 and #35985). Three disbursements were made for $4,400,000, $45,400,000, $250,400,000 for a total of $302,000,000. Five state-owned alumninum companies and Sidor, a company nationalized in 2007, received assistance. It is unclear how the funds were specifically used to assist the companies. May be linked to projects #38305 and #38306 Because this project was supported, at least in part, by the China-Venezuela Joint Fund/Fondo Estrategico Pesado (See #35985, #37528, #37838, #38163, 38316, and #38380), this project is marked as a resource-backed or commodity-backed loan.

Number of official sources

0

Number of total sources

1

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Details

Cofinanced

Yes

Direct receiving agencies [Type]

Government of Venezuela [Government Agency]

Implementing agencies [Type]

Banco de Desarrollo Económico y Social de Venezuela (BANDES) [State-owned Bank]

Collateral provider [Type]

Siderúrgica de Orinoco C.A. Alfredo Maneiro [SIDOR] [State-owned Company]

Loan Details

Bilateral loan

Investment project loan