[China-Venezuela Joint Fund] Yaguara-Montalbán Highway Exit Ramps(linked to #58677)
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
Geography
Description
In 2010, the China-Venezuela Joint Fund funded the construction of the Yaguara- Montalbán highway exit. The Yaguara-Montalbán highway exit ramps were inaugurated by the Venezuelan government in 2010, and was estimated to be finished with on August 20 of 2010. Its status is complete. It is estimated that 20,000 cars go by this exit daily. The project cost 32 million bolívares total (Correo del Orinoco). 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 could be 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
3
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]
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.