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Overview

CDB provides $500 million loan to BANDES and PDVSA in December 2009 for unspecified purposes

Commitments (Constant USD, 2023)$693,658,885
Commitment Year•2009Country of Activity•VenezuelaDirect Recipient Country of Incorporation•VenezuelaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2009

Geospatial footprint

Map overview

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CDB provides $500 million loan to BANDES and PDVSA in December 2009 for unspecified purposes. More detailed locational information can be found at: https://www.openstreetmap.org/way/235751196

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

  • China Development Bank (CDB)

Receiving agencies

State-owned Banks

  • Banco de Desarrollo Económico y Social de Venezuela (BANDES)

State-owned companies

  • Pétroleos de Venezuela S.A. (PDVSA)

Loan description

CDB provides $500 million loan to BANDES and PDVSA in December 2009 for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

According to a public filing with the U.S. Securities and Exchange Commission (SEC), in December 2009, China Development Bank (CDB) signed a $500 million credit facility with Pétroleos de Venezuela S.A. (PDVSA) and Banco de Desarrollo Económico y Social de Venezuela (BANDES) for unspecified purposes. The borrowing terms are unknown. It is unclear whether this facility was ever disbursed.

Staff comments

1. The China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center, claims that a $500 million loan was issued by China Eximbank in December 2009. However, AidData relies on the identity of the lender (CDB) that was disclosed by the Venezuelan Government in a public filing with the U.S. Securities and Exchange Commission (SEC).