Overview

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

Commitment Year•2014Country of Activity•VenezuelaDirect Recipient Country of Incorporation•VenezuelaSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2014

Start (actual): Oct 1, 2014

End (actual): Oct 1, 2014

Stakeholders

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

Funding agencies

Government Agencies

Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

Government of Venezuela

Loan desecription

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

Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

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.