China Development Bank provides $250 million loan to PDVSA to boost oil production in Orinco Belt
Commitment amount
$ 272462436.96966916
Adjusted commitment amount
$ 272462436.97
Constant 2021 USD
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
Geography
Description
On July 3, 2018, China Development Bank (CDB) and Petroleros de Venezuela S.A. (PDVSA) — a state-owned company for oil and natural gas activities — signed a $250 million loan agreement to boost oil production activities in Orinco Belt. The borrowing terms of the loan are unknown.
Additional details
1. For the time being, AidData assumes that this loan was collateralized against the proceeds of PDVSA oil sales (since all previous CDB loans to PDVSA are collateralized in this way). 2. This CDB loan is not captured in the China-Latin America Finance Database maintained by Boston University and Inter-American Dialogue. Nor is it included it in the China’s Overseas Development Finance Dataset that Boston University's Global Development Policy Center published in December 2020.
Number of official sources
3
Number of total sources
15
Details
Cofinanced
No
Direct receiving agencies [Type]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]
Implementing agencies [Type]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]
Collateral
Proceeds of PDVSA oil sales