CDB provides $5 billion loan to BANDES and PDVSA in September 2013 for unspecified purposes
Commitment amount
$ 5640182760.949175
Adjusted commitment amount
$ 5640182760.95
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
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.
Additional details
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.
Number of official sources
3
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Banco de Desarrollo Económico y Social de Venezuela (BANDES) [State-owned Bank]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]
Collateral provider [Type]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]
Collateral
PDVSA income from oil sales