Project ID: 69365

CDB extends loan maturities, relaxes repayment for Venezuelan loans in 2015

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Recipient

Venezuela

Sector

Action relating to debt (Code: 600)

Flow type

Debt rescheduling

Level of public liability

Central government debt

Infrastructure

No

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2015-01-01

Description

Since 2008, China Development Bank has lent Venezuela $38 billion worth of loans in exchange for a steady stream of crude oil. Due to falling oil prices, Venezuela was unable to repay the CDB. In 2015, CDB extended loan maturities, eased repayment terms, and allowed Venezuela to repay the loan in bolivars. Since 2017, CDB has not explored loan forgiveness for this project.

Number of official sources

0

Number of total sources

2

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Venezuela [Government Agency]

Loan Details