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Overview

China Eximbank provides loan for purchase of 1,500 Yutong buses (Linked to Umbrella Record ID#58475)

Commitment Year•2014Country of Activity•VenezuelaDirect Recipient Country of Incorporation•VenezuelaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 21, 2014
Start (planned)
Jul 21, 2014
Start (actual)
Dec 1, 2014

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Venezuela

Implementing agencies

Private Sector

  • Yutong Bus Co., Ltd.

Loan desecription

China Eximbank provides loan for purchase of 1,500 Yutong buses

Interest type•Unknown

Narrative

Full Description

Project narrative

On July 21, 2014, China Eximbank and the Government of Venezuela signed a buyer's credit agreement to faciliate the acquisition of 1,500 Yutong buses. The borrowing terms of the loan are unknown. The proceeds of the loan were to be used by the borrower to purchase 1,500 Yutong buses as well as spare parts, tools, maintenance, and an intelligent bus operation management system. The first shipment of 350 Yutong buses under this agreement arrived in Venezuela in December 2014. Venezuela received the last shipment of buses in early 2014. However, a 2020 investigative report by Transparencia Venezuela suggests that this project underperformed vis-a-vis its performance targets. It concluded that 'the purchase and manufacturing of [Yutong] buses ... was aimed at ensuring the supply of urban and inter-city public transport in 55 cities in the country, through the Misión Transporte programme, but the service coverage targets were not met.' This project was financed by a $1 billion USD credit line to PDVSA (see Umbrella Record ID#58475).