[China-Venezuela Joint Fund] CDB provides loan of VEF 183,299,571.05 for Alto Apure Socialist Axis Project (Linked to Project ID#37829, #58677, #35985, #37528)
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 Alto Apure Socialist Axis Project or the Socialist Development for Agriculture in the Elorza-Mantecal Axis (Spanish: Proyecto Socialista de Desarrollo Agrario Eje Elorza-Mantecal). Elozrza-Mantecal is a region in Apure State. VEF 183,299,571.05 of the 2011 budget was allocated for this project. The primary implementing agencies were INDER and the Ministry of People's Power for Land and Agriculture. Project goals included building two bridges over the Apure river, the rehabilitation of existing roads, and the construction of additional irrigation channels to allow for the cultivation of 21,405 hectares. It also included the addition of 10,000 head of buffalo to the buffalo herds, construction of 40 lagoons for fish farming, building 30 greenhouses for vegetable production, the purchase of barges to allow for navigation of the Apure-Orinoco watershed and allow for the economic integration of the southern regions, the construction of 5 inns in the axis to diversity the economy and increase tourism, and organize the community into Free and Associated Producers (REPLA) networks to improve standards of living. It is unclear when this project was started, or if it was ever completed. Starting this project was listed as a strategic objective in the Fatherland Plan for 2013-2019, which was published in 2012.
Additional details
1. The total project cost may be higher than 183,299,571.05. As the loan comes from the China-Venezuela Joint Fund, it was denominated in either USD or RMB. No transaction amount is recorded, because it is already covered by project ID#58677.
Number of official sources
2
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.