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Overview

CDB provides $5 billion loan to BANDES and PDVSA in September 2013 for unspecified purposes

Commitments (Constant USD, 2023)$5,169,856,456
Commitment Year•2013Country of Activity•VenezuelaDirect Recipient Country of Incorporation•VenezuelaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 18, 2013

Geospatial footprint

Map overview

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CDB provides $5 billion loan to BANDES and PDVSA in September 2013 for unspecified purposes. More detailed locational information can be found at: https://www.openstreetmap.org/way/235751196

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned Banks

  • Banco de Desarrollo Económico y Social de Venezuela (BANDES)

State-owned companies

  • Pétroleos de Venezuela S.A. (PDVSA)

Collateral providers

State-owned companies

  • Pétroleos de Venezuela S.A. (PDVSA)

Loan description

CDB provides $5 billion loan to BANDES and PDVSA in September 2013 for unspecified purposes

Interest type•Unknown

Collateral

The borrowing was collateralized with PDVSA income from oil export sales

Narrative

Full Description

Project narrative

According to a filing with the U.S. Securities and Exchange Commission (SEC), on September 18, 2013, China Development Bank (CDB) entered into a $5 billion credit facility agreement with Banco de Desarrollo Económico y Social de Venezuela (BANDES) and Petróleos de Venezuela, S.A. (PDVSA) for unspecified purposes. The borrowing terms are unknown. This loan was collateralized with PDVSA income from oil sales.

Staff comments

1. The China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center, does not capture this $5 billion loan from China Development Bank. 2. Given that virtually all of the CDB loan contracted by BANDES are collateralized against PDVSA income from oil sales, AidData assumes for the time being that the same arrangement underpinned the September 18, 2013 loan agreement. However, this issue warrants further investigation.