Project ID: 38159

[China-Venezuela Joint Fund] Purchase of Equipment for Bauxilum [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

Mixed (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

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2012-01-01

Description

In 2012, Venezuelan state alumina and bauxite company Bauxilum invested US$15mn to purchase equipment that will help normalize operations, improve bauxite management and extend the lifespan of stacking equipment. Some 50% of the resources to carry out the project were provided by the China-Venezuela fund. The status of these investments is unclear. The China-Venezuela Fund was signed in 2007 as $4 billion, making it the largest loan China has given to a signal is partly financed by China Development Bank but we don't know exactly how much is funded by CDB. There are three portions to the fund: tranche A, B, and C. As of 2016, the tranche B loan was renewed by US$5 billion. The China-Venezuela Joint Fund receives contributions from China Development Bank and FONDEN, and it is administered by BANDES. See project ID#58677 for more information on the fund. In 2015, China renewed this same portion from US$ 4 billion to US$5 billion. The payable date was extended from 2 years, to 5 years. Tranche C underwent similar changed to aid Venezuela in paying off US$ 1 billion. The total investment is $215.8 million, being financed by the CDB and Exim Bank.

Additional details

Funded by #58677, the China Venezuela Joint Fund. Bauxilum also received large sums from the China Venezuela fund in 2009 and 2014.

Number of official sources

1

Number of total sources

5

Download the dataset

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]

Indirect receiving agencies [Type]

C.V.G. Bauxilum C.A. (Bauxilum) [State-owned Company]

Government of Venezuela [Government Agency]

Implementing agencies [Type]

Corporacion Venezolana de Guayana (CVG) [State-owned Company]

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.

Loan Details

Bilateral loan

Inter-bank loan

Investment project loan