Project ID: 92607

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

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2013-09-18

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

Download the dataset

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

Loan Details

Bilateral loan

Inter-bank loan