[China-Venezuela Joint Fund] III Bridge over the Orinoco (Guárico-Bolívar) (linked to #58677)
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
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
The China-Venezuela Joint Fund financed the continuation of the third bridge over the Orinoco (Guárico-Bolívar). Haiman El Troudi estimates that the project will be inaugurated in December of 2016. The investment amount is said to be $2.8 million (El Carabobeño) but the donor of this amount and its breakdown are not specified. Investments were made in the project in 2015, however the commitment date for the project is unclear. The Bank of China (CDB) and FONDEN or the National Development Fund (administered through BANDES) manage this fund. It is unclear which tranche funds this project. The cost is unclear. Odebrecht S.A. is a contractor on the project. The main section of the Third Bridge over the Orinoco River consists of a double deck structure (a road on the upper deck and a rail road on the lower deck) consisted of two main diamond-shaped towers made of reinforced concrete, standing 135.5 meters (444.5 feet) high and 11.13 km (7 miles) long. The navigation channel over the bridge features a 360-meter (1,182-foot) gap, and is 40 meters (132 feet) high and 21 meters (69 feet) long. In 2017 it was reported that construction on the bridge has been frozen as a result of a major multinational corruption scandal involving Odebrecht S.A.. As of July 4, 2020, the bridge still has not resumed and is presumed to be suspended indefinitely Doka is another contractor on the project. The China-Venezuela Joint Fund receives contributions from China Development Bank and FONDEN, and it is administered by BANDES. See project ID#58677 for more information on the fund. The first commitment to this fund was made in 2007.
Additional details
The flow type is unclear, however, the Chinese part of the fund is financed by a loan, so the same is assumed here. The transaction amounts for all sub-projects are accounted for in the projects for the three tranches and their renewals. Because it is unclear how much funding for each project is from the Chinese side and it is unclear which tranche is funding each sub-project, the transaction amounts should not be recorded until this information is known.
Number of official sources
4
Number of total sources
12
Details
Cofinanced
No
Direct receiving agencies [Type]
Banco de Desarrollo Económico y Social de Venezuela (BANDES) [State-owned Bank]
China-Venezuela Joint Fund [State-owned Fund]
Implementing agencies [Type]
Odebrecht S.A. [Private Sector]
Doka Group [Private Sector]
Venezuela Ministry of Transportation and Communications [Government Agency]
China-Venezuela Joint Fund [State-owned Fund]
Collateral provider [Type]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]
Collateral
Venezuela undertakes through PDVSA to sell fuel and / or crude oil in accordance with the oil contract (s) to ChinaOil in quantities not less than 230,000 barrels per day, by the date on that the obligations assumed with respect to the facilities have been completed and unconditionally fulfilled by BANDES; ChinaOil will deposit the money for the purchase of crude oil and fuel directly into the collection account opened and maintained by the BANDES and CDB.