[China-Venezuela Joint Fund] China Funds USD 204 Million Píritu Becerra 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 socialist agriculture projects to be implemented by INDER and the Ministry of People's Power for Agriculture and Land. One of those project was the Píritu Becerra Socialist Agriculture Project, which cost USD 204 million. The project is called "Proyecto Integral de Desarrollo Agrario Socialista Píritu Becerra" in Spanish and "皮里度贝塞拉综合农业项目" in Chinese. The main outside contractor was CAMCE. In October of 2010, CAMCE signed five contracts with INDER and the Venezuela Agricultural Company for the provision of goods and services on various socialist agricultural projects. For this project, CAMCE built rural roads, irrigation and drainage canals, and motor-pumped deep wells. It also provided agriculture and engineering equipment. According to Chavez, the project included the drilling of 100 wells, the rehabilitation of 100km of roads, and the development of 22,600 hectares of land for growing rice, soybeans, legumes, and vegetables. On January 29, 2012, Chavez gave a speech which addressed this project. He stated that in 2011, 1,000 hectares of land had been planted to yield 3,800 tons of seed rice. These seeds would the be planted on 32,000 hectares in 2012.
Additional details
1. This project is linked to project ID#37829, 37804, 37808, and 58677. 2. No transaction amount is included because the cost is captured by the China-Venezuela Long-Term Facility. 3. It is unclear if this project was ever finished.
Number of official sources
6
Number of total sources
7
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 Instituto Nacional de Desarrollo Rural (INDER) [Government Agency]
Venezuela Ministry of People's Power for Agriculture and Land [Government Agency]
China CAMC Engineering Co., Ltd. (CAMCE) [State-owned Company]
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.
Loan Details
Interest rate
1.72%