[China-Venezuela Joint Fund] Creation of Avicola de Alba Socialist Joint Venture (link to project ID #58677)
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
In 2006, the Venezuelan government decided to create 5 socialist joint ventures. Theese companies will receive 53.7 million bolivars each, and the State will own 51%, and various agro-industries, including Cubans, will own the other 49%. Avícola del Alba is the second of these enterprises and it will be in charge of the production, distribution, commercialization, import and export of eggs, poultry meat, fertile eggs, live and slaughtered animals and compound food. In addition to raw materials for the production of balanced feed, premix, medicines, vaccines, equipment and supplies that the poultry sector requires. It will operate with capital from the Corporación Venezolana Agraria (an agency from the Ministry of Agriculture) and from the Unión de Empresas Combinado Avícola Nacional. As of 2013, Avicola de Alba has been operating According to the Government of Venezuela, this project was funded by the China Venezuela Joint Fund (project ID #58677). The China Development Bank and FONDEN contribute to this fund and it is administered by BANDES.
Additional details
Number of official sources
3
Number of total sources
6
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]
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.