[China-Venezuela Joint Fund] CDB provides loan of VEF 84,613,645.09 for Llano Alto Socialist Agroecological Development Project (Linked to Project ID#37829, #58677, #37804, #37808)
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
In August 2010, a number of agricultural projects funded by the China-Venezuela Joint Fund (see Project ID#58677) Long-Term Facility (see Project ID#37804, #37808) were announced (see Project ID#37829). One such project was the Llano Alto Socialist Agroecological Development Project (Spanish: Proyecto del Eje de Desarrollo Agroecológico Socialista “Llano Alto” or Ejo de Desarrollo Agroecológico Llano Alto). The total project cost was VEF 84,613,645.09 (USD 19,700,499.44). The project was implemented by INDER and the Ministry of People's Power for Agriculture and Land. It is unclear when construction started, or if it was ever finished. Starting the project is listed under strategic objectives in the 2013-2019 Programa de la Patria. A 2012 Ministry of People's Power for Science, Technology, and Innovation report describes a 25-person beekeeping training to create a network of beekeepers in the Llano Alto axis. It also describes a community meeting in which it was decided to use adobe-cemment blocks to build 126 houses in the Llano Alto axis. A 2016 budget bill describes spending VEF 1.421.683 on open-air agroecological cultivation houses, and spending VEF 1.779.402 on agricultural training to promote agri-food sovereignty for communities, educational institutions, and social organizations in the Axis Agroecological Llano Alto.
Additional details
Number of official sources
4
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-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.