[China-Venezuela Joint Fund] Metro de Valencia in Venezuela (Linked to Project ID#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
The China-Venezuela Joint Fund financed the Metro de Valencia and the continuation of its construction. However, the exact financial commitment date is unknown. The complete Metro includes 4 lines with a total of 25 kilometers and 31 stations. The Venezuela Ministry of Transport and Public Works is responsible for implementation. Line 1 was inaugurated on November 18, 2006 and it began to operate commercially on November 18, 2007. Line 2 also has several stations in service. In April 2019, a delegation from the China Development Bank met with the board of the Metro de Valencia to verify the use of the resources contributed by the CDB and to evaluate the potential for new financing agreements. The train fleet consists of twelve Siemens SD-460 2-car light rail vehicle train sets. The metro has an average daily ridership of 62,000 passengers. 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
1. 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
0
Number of total sources
7
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]
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.