[China-Venezuela Joint Fund] CDB Funds USD 219 Million Turmerito Housing Development (Linked to #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
On November 27, 2011 100,000 houses were unveiled in the Turmerito Housing Development in Coche parish, Caracas (Spanish: Desarollo Turmerito). The project was funded by the China-Venezuela Joint Fund (see project ID#58677). The total project cost was USD 219,457,908.70. This project was part of the Gran Mision Vivienda Venezuela (GMVV), a large-scale housing project started in April 2011 (see project ID#94091). The project was implemented by the Ministry of People's Power for Housing and Habitat. The Gran Mision Vivienda Venezuela is also called Gran Misión Barrio Nuevo. The new town constructed in Turmerito is also called Barrio Tricolor, after the colors of the Venezuelan flag. In 2015, residents complained that the apartments did not have electricity or clean water, and that they had leaks.
Additional details
1. No transaction amount is recorded because it is captured in the China-Venezuela Joint Fund (project ID#58677)
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]
China-Venezuela Joint Fund [State-owned Fund]
Implementing agencies [Type]
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.