[China-Venezuela Joint Fund] Chinese financing for Surgical Equipment [Linked #58677]
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Health (Code: 120)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
Venezuela imported surgical equipment worth $127 million dollars from China. This deal, headed by the Health Minister, was funded by the binational fund between the two countries. The binational fund is the China-Venezuela Development Joint Fund. The China Development Bank has provided three tranches and one long term facility to the Joint Fund in total (#58677). Bandes manages this fund. The first commitment to this fund was made in 2007.
Additional details
Intent marked as mixed as flow resembles export buyer's credit. The transaction amounts for all sub-projects are accounted for in the projects for the three tranches and their renewals. Because it is unclear how much funding for each project is from the Chinese side and it is unclear which tranche is funding each sub-project, the transaction amounts should not be recorded until this information is known. This project may be an umbrella, but the funding to each specific sub project is unclear.
Number of official sources
1
Number of total sources
7
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.