[China-Venezuela Joint Fund] CDB Funds USD 1.5 Billion Quibor Valley Socialist Agriculture Project (linked to project ID#58677)
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
Description
On February 28, 2012, the Venezuela National Institute for Rural Development (INDER) announced the creation of the Quibor Valley Socialist Agriculture Project company (Spanish: Empresa Integral de Producción Agraria Socialista Valle de Quibor S.A). The project the company administers is called Empresa Integral de Producción Agraria Socialista Valle de Quíbor (EIPASVQ) in Spanish. The company was meant to develop the irrigation system, consolidate vegetable production, and administer strategic plans for the development of agriculture in the Quibor Valley area. The project was implemented by Queiroz Galvao, a Brazilian company, INDER, and Ministry of the People's Power for Agriculture and Lands. As of 2021, it was productive. It produced corn, lettuce, tomatoes, and passion fruit. The company reportedly had 24 greenhouses capable of producing 6,120 seedlings a day. It has 19 hectares in production and four lagoons for water storage. It trains agronomy students from the Experimental University of the Bolivarian National Armed Forces.
Number of official sources
5
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]
Queiroz Galva [Private Sector]
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%