[China-Venezuela Joint Fund] China Funds VEF 139068904.2 Guanarito Agriculture 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 of 2010, nine socialist agriculture projects (see project ID#37829) funded by the China-Venezuela Joint Fund (see project ID#58677) Long Term Facility (see project ID#37804, 37808). One such project was the Guanarito Agriculture Project (Proyecto de Desarrollo Agrícola Integral Municipio Guanarito, Desarrollo Agrícola Integral del municipio Guanarito), which cost VEF 139068904.2 in 2011. The project values was equal to USD 32,379,255.93 in 2011 dollars. The primary implementing agencies were INDER and the Ministry of People's Power for Land and Agriculture. The goal of the project was to strengthen infrastructure for social services and agriculture. It is unclear when this project was started, or if it was ever completed.
Additional details
1. The USD value of this project was calculated using the TUFF internal currency conversion calculator. Although the project was committed in 2010, the funding amount comes from a 2011 budget, so that year was used when calculating a USD value of 32,379,255.93. 2. No transaction amount is included because it is captured by the China-Venezuela Joint Fund. 3. Project implementation start and completion dates are unclear. This is coded as implementation stage because it is clear that funds were allocated for the project. 4. This project is linked to project ID#37829, 58677, 37804, 37808.
Number of official sources
3
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 Instituto Nacional de Desarrollo Rural (INDER) [Government Agency]
Venezuela Ministry of People's Power for Agriculture and Land [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.
Loan Details
Interest rate
1.72%