[China-Venezuela Joint Fund] Socialist Agrarian Project in the Maracaibo plain worth USD 782 million (linked to #58677)

The China-Venezuela Joint Fund financed the Socialist Agriculture Project in Maracaibo. The commitment date of the project is unclear, but Aporrea implied that the commitment date was before 1 September 2008. The Ministry of Lands and Agriculture (MAT) and INDER are implementing the project. The project was valued at USD 782 million in 2012. 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 is administered by BANDES. The first commitment to this fund was made in 2007. Proyecto Agrario Socialista planicie de Maracaibo will improve the irrigation infrastructure as well as increasing food production efficiency of the Maracaibo region. The project includes 20 thousand hectares of irrigation; the construction and rehabilitation of 5,401 kilometers of agricultural roads as well as risk systems to serve 122,560 hectares; and the comprehensive project for the development of Guara Island, south of Monagas, which provides for 25.8 kilometers of roads, 338 kilometers of drainage, 170 houses, rural development spaces on 2,250 hectares.

Additional details

The flow type is unclear, however, the Chinese part of the fund is financed by a loan, so the same is assumed here. 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

6

Number of total sources

10