[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
Project lifecycle
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
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]