[China-Venezuela Joint Fund] China loans USD 249.7 for Río Tiznado Socialist Agrarian Development Project Phase II (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 May 9, 2008 President Chavez announced new socialist agricultural development projects. One of these was the USD 249.7 million Río Tiznado Socialist Agrarian Development Project Phase II (Spanish: Proyecto de Desarrollo Agrario Socialista Río Tiznado, Chinese: 委内瑞拉第斯那托斯农业综合发展项目二期). In October of 2010, this project was listed among eight other socialist agriculture projects (see project ID#37892) as funded by the China-Venezuela Joint Fund Long Term Facility (see project ID# 37804 and 37808). Phase I of the project was inaugurated by President Chavez on January 13, 2008. CAMCE signed a contract for this project in October of 2010. Other implementing agencies included the Ministry of People's Power for Agriculture and Land and INDER. The project covers 34,200 hectares. It includes the Manuel Ibarra Agroindustrial Complex, which has nine silos capable of storing 34,200 tons, a fruit and vegetable dehydration plant capable of processing four tons a day, and a miniature packing plant capable of processing 12 tons of legumes and grain per day. The complex also includes nine fish farming lagoons, a fish processing plant, and six greenhouses capable of holding 20,000 perita tomato plants. The complex contains the Juan Germán Roscio Agroproductive Social Property Unit, which has 350 hectares of white corn. Another ambition of the project is the construction of 114.95 km of irrigation canals. As of 2010, 53.33km had been built. 25.3 km were to be rehabilitated, and 15km still needed to be finished
Additional details
1. This project is linked to project ID#37829, 37804, 37808, and 58677. 2. The exact start date of this project is unclear. Unlike the other projects announced by Chavez on October 3, 2010 (see Gobierno Bolivariano anuncia nueve proyectos agrícolas financiados con crédito de China"), it was previously being implemented. Implementation start date is unknown, and it is unclear if this project was ever finished. 3. No transaction amount is included because it is captured in the projects dedicated to the China-Venezuela Joint Fund Long-Term Facility.
Number of official sources
5
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]
Venezuela Ministry of People's Power for Agriculture and Land [Government Agency]
Venezuela Instituto Nacional de Desarrollo Rural (INDER) [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.