[China-Venezuela Joint Fund] CDB Funds USD 219 million Playa Grande Housing Project (linked to project ID#58677 and 94091)
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Other social infrastructure and services (Code: 160)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
In February 2011, the design for the Playa Grande housing project in Vargas state was completed by SUMMA, a Turkish construction company. The project was funded by the China-Venezuela Joint Fund and the Government of Turkey. It cost a total of USD 219,457,908.70. The amount financed by the China-Venezuela Joint Fund is uncertain. This project was part of the Gran Mission Vivienda Venezuela (GMVV), which was officially launched by Hugo Chavez on April 30, 2011 (see project ID#94091). Construction on phase I of the project began in November 2011 and finished in September 2012. Phase I built 1,488 units. Construction began on phase II in 2012 and finished in 2013. Construction began on phase III in 2013 and finished in 2014. It was implemented by the Ministry of People's Power for Housing and Habitat.
Additional details
1. No transaction amount is recorded because it is captured by project ID#58677, which contains the China-Venezuela Joint Fund.
Number of official sources
6
Number of total sources
6
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Government of Turkey [Government Agency]
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]
SUMMA [Private Sector]
Venezuela Ministry of People's Power for Housing and Habitat [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.