[China-Venezuela Joint Fund] Metro de Maracaibo in Venezuela (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
The China-Venezuela Joint Fund financed the Metro de Maracaibo. The Venezuela Ministry of Transport and Public Works is implementing this project. The Metro de Maracaibo also known as Metro del Sol Amado, offers service between La Vanega and El Varillal (via Line 1 or L1). Service between La Vanega and El Varillal (skipping Urdaneta) opened to the public on November 25, 2006, with the last station on the line opened on June 9, 2009. Line 1 has a daily ridership of 200,000. Siemens AG is supplying signalling, telecommunication and electrification systems as well as the first 7 metro trains, which are similar to the vehicles running on the Prague Metro line C. The second stage of metro is under construction, it includes five new stations (Padilla, Falcón, 5 de Julio for L1 and Calle 72, Indio Mara for L2) all of them underground. Once L2 has been completed in a third stage to Curva de Molina, L1 may be extended north from 5 de Julio towards Milagro Norte in a fourth stage. The fifth stage will be L2 running from Curva de Molina to 5 de Julio (8.5 km) and then to El Milagro. L2 will not be completed before 2020.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 commitment date is known, but the Correo del Orinoco source implies that it was in August 2010. This issue merits further investigation.
Number of official sources
1
Number of total sources
11
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]
Compañía Anónima Nacional de Telefonos de Venezuela (CANTV) [State-owned Company]
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.