[China-Venezuela Joint Fund] Construction of Musical Instruments Assembly Plant (linked to ID #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
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
In 2014, Venezuelan President Nicolas Maduro and the president of the National System of Youth Orchestras and Choirs, Jose Antonio Abreu, announced the signing of agreements with China for the construction of a factory of musical instruments. The creation of the musical instruments factory will be done with resources from the China-Venezuela Fund. 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.
Number of official sources
2
Number of total sources
5
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.