[China-Venezuela Joint Fund] China funds nine Socialist Agricultural Development Schemes (Linked to #58677, 37804, 37808, 91524,91536, 91538, 91539, 91553, 91565, 91569, 91615, 91618)
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
The Venezuelan Government will promote nine socialist projects of agricultural development in the Guarico, Apure, Delta Amacuro, Barinas and Portuguesa regions, all aimed at strengthening agricultural plant and livestock production in the country. Many, although not all, of these projects were financed by the Long Term Facility of the China-Venezuela Joint Fund (see project iD#37804 and #37808). The Río Tiznado Socialist Agrarian Development Project Phase II (see project ID#91539) had a commitment date of 2008, which means it most likely was not funded by the Long Term Facility. The Delta Amacuro Agriculture Development Project (see project ID#91553) and the Santo Domingo Irrigation Project (see project ID#91565) were most likely not funded by the Long Term Facility either, as both were committed before the fund was announced. The total cost of all of the projects is USD 682 million, although no project amount could be found for project ID#91538. All these projects were implemented by the Ministry of Popular Power for Agriculture and Lands. Río Guárico Socialist Agriculture Project (#91524) Píritu Becerra Socialist Agriculture Project (#91536) Eje Biruaca-Achaguas Socialist Agriculture Project (#91538) Río Tiznado Socialist Agrarian Development Project Phase II (#91539) Delta Amacuro Agriculture Development Project (#91553) Santo Domingo Irrigation Project (#91565) Llano Alto Socialist Agroecological Development Project (#91569) Guanarito Agriculture Project (#91615) Alto Apure Socialist Axis Project (#91618)
Additional details
1. These projects were all announced in "Ejecutivo impulsa 9 grandes proyectos de desarrollo agrario socialista con apoyo chino" together, despite not necessarily being funded from the same facility. 2. This project is linked to project ID#58677, 37804, 37808, 91524,91536, 91538, 91539, 91553, 91565, 91569, 91615, and 91618.
Number of official sources
4
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
Banco de Desarrollo Económico y Social de Venezuela (BANDES) [State-owned Bank]
China-Venezuela Joint Fund [State-owned Fund]
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.