Overview

Chinese financing for equipment purchase to construct housing (Linked to Record ID#37915, #63032)

Commitment Year•2011Country of Activity•VenezuelaDirect Recipient Country of Incorporation•VenezuelaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2011

Start (actual): Jun 20, 2011

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

Government Agencies

Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

Government of Venezuela

Implementing agencies

State-owned companies

Xuzhou Construction Machinery Group Co., Ltd. (XCMG)

Loan description

Chinese financing for equipment purchase to construct housing

Interest type•Unknown

Narrative

Full Description

Project narrative

In March of 2011, Venezuela signed a contract with Chinese company XCMG to purchase 6,025 sets of equipment for 744.6 million USD. The equipment was to be used in the construction of housing units. Machinery first began being delivered on June 20, 2011, with the last delivery in September of that same year. It was suggested that the money for the purchase came from the China-Venezuela joint fund, but was not confirmed. Transaction amount not recorded as it may duplicate joint fund amounts. At the same signing ceremony, a joint venture was set up with PDVSA and an unmentioned Chinese company to carry out the construction of the housing.