CDB Loans $700 million to National Geological Survey and Las Cristinas Mine in Venezuela (linked to #38293)
Pledged amount
$ 789625586.5328846
Adjusted pledged amount
$ 789625586.5328846
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On September 22, 2013, the China Development Bank signed a memorandum of understanding for financing $700 million for the National Geological Survey Project and the Copper and Gold Mine Feasibility Study Project in Venezuela to PVDSA. The agreement was also signed by CITIC Group and Petroleos de Venezuela S.A.(PDVSA). The money will fund CITIC Group to conduct geological surveys and study the feasibility of developing gold and copper ores in the country. The referenced mine is the Las Cristinas gold mine in Bolivar, a southern province of Venezuela. The loan terms and status of the project are unclear.
Additional details
This project is not to be confused with the $691 million loan from the Bank of China (#38293). The memorandums of understanding for these two projects seem to have been signed at the same time, however there is only present financing agreement information for the BOC project.
Number of official sources
3
Number of total sources
14
Details
Cofinanced
No
Direct receiving agencies [Type]
CITIC Construction Co., Ltd. (中信建设有限责任公司) [State-owned Company]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]