[China-Venezuela Joint Fund] CDB provides loan worth VEF 474 for Río Guárico Socialist Agriculture Project (linked to Project ID#37829, 37804, 37808, 58677)
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
On October 3, 2010, President Chavez announced a number of new projects in Guárico funded by the China-Venezuela Joint fund long-term facility (see project ID#37804 and 37808). One of these projects is the Río Guárico Socialist Agriculture Project, or "Plan Agrario Socialista del Río Guárico" in Spanish. The project cost VEF 474 million. The project was to include support for planting 35, 000 hectares to grow 420,000 tons of rice, the rehabilitation and construction of churches, homes, ranches, schools, courts, and police stations. It was also intended to support the construction of 14 km of new canals, the rehabilitation of 18.3 km of canals, and the rehabilitation 19 km of irrigation lines.
Additional details
1. VEF is post-2008 Venezuelan Bolivars. According to TUFF internal calculation, the project was worth USD 111,690,847.27 in 2011 USD 134,993,261.17 in 2017. 2. This project is linked to project ID#37829, 37804, 37808, and 58677. 3. It's unclear if anything that was promised by Chavez was actually built, or when the projects started implementation. 4. This project should not be confused with project ID#37517, which is also in the Guarico river area. 4. No transaction amount is included because the amount is already captured by the long-term facility.
Number of official sources
4
Number of total sources
5
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]
Venezuela Ministry of People's Power for Agriculture and Land [Government Agency]
Venezuela Instituto Nacional de Desarrollo Rural (INDER) [Government Agency]
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.