China Eximbank provides loan for purchase of 1,500 Yutong buses (Linked to Umbrella Project #58475)
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
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 Project #58475).
Additional details
Number of official sources
1
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Venezuela [Government Agency]
Implementing agencies [Type]
Zhengzhou Yutong Bus Co., Ltd. [State-owned Company]