Project ID: 39157

Chinese Government loosens repayment terms for $50 billion USD in oil-backed loans made to Venezuela since 2007

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Venezuela

Sector

Action relating to debt (Code: 600)

Flow type

Debt rescheduling

Level of public liability

Central government debt

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

Vague (Official Finance) (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

2014-10-01

Actual start

2014-10-01

Actual complete

2014-10-01

Description

In October 2014, it was announced that the Chinese Government had relaxed the repayment terms for the oil-backed loans to the China/Venezuela fund. It removed the minimum quantity of oil sent for repayment (previously 330,000 barrels per day), allowed Venezuela’s government to make contributions in local currency rather than US dollars, and altered the maturity of one of three loan tranches.

Number of official sources

0

Number of total sources

4

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Venezuela [Government Agency]

Loan Details