[China-Venezuela Joint Fund] Merida Cable Car Modernization Project (linked to #58677)
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Trade policies and regulations (Code: 330)
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 Merida Cable Car ("Teleferico de Merida") Modernization Project. The commitment date of funding for this project is unclear. The China Development Bank has provided three tranches and one long term facility to the Joint Fund in total (#58677). FONDEN also contributes to this fund, and it's administered by BANDES. The first commitment to this fund was made in 2007. The Mérida cable car one of the longest and highest cable car systems in the world. In August 2008, the Mérida cable car was shut down to protect user safety because it had reached the end of its service life. In 2010, the Venezuelan government hired the Austrian Doppelmayr company to modernize the Mérida cable car system. The modernization project included upgraded wagons, towers, safety devices, communication and security systems, seats for the disabled, an anti-slip floor, escape routes, and stairs. The new wagons have an increased capacity of 60 people per trip compared to the previous 40 people per trip. The Merida Cable Car reopened on 29 April 2016 in the pre-commercial stage for for children, the elderly and people with disabilities and reopened to the public on 7 October 2016.
Additional details
The flow type is unclear, however, the China Venezuela Joint Fund is financed by a loan, so the same is assumed here. The intent and flow class were coded the same as the China Venezuela Joint Fund intent and flow class (project #58766). The commitment year is also unclear, and has been coded as the year that the Merida Cable Car modernization project began. 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
4
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]
Doppelmayr Garaventa Group [Private Sector]
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.