[China-Venezuela Joint Fund] CDB funds CNY 3 billion Playa Sola housing project (linked to project ID#58677, 37808, and 94091)

On August 24, 2006, CITIC group signed a USD 1.098 agreement for the construction of housing in Venezuela. The Palma Sola location was not included in that contract, but eventually the locations were altered to add it. In April 2011, Hugo Chavez announced the Gran Mision Vivienda Venezuela (GMVV), a significant housing project (see project ID#94091) funded in part by the China-Venezuela Joint Fund (see project ID#58677). Playa Sola is a housing project in Barinas that is part of the GMVV, and is funded by the CNY tranche of the Long-Term Facility of the China-Venezuela Joint Fund (see project ID#37808). It cost CNY 3,436,487,237, or USD 489,499,605.2. Although the project seems to have been started in 2006, funding from the Long-Term Facility was not available until September 2010. The project was implemented by the Ministry of People's Power for Housing and Habitat, the Instuto Nacional de la Vivienda (INAVI), and CITIC group. In May 2010, it was announced that 1,824 apartments would be delivered in December 2010. Hugo Chavez and some CITIC officials visited the site on March 16, 2011. The project had been in progress for five years at that point. At this time, it was estimated the project would be completed in December 2012. Hugo Chavez inaugurated the project on December 31, 2011 with 2,624 apartments, out of a planned 5,360 in 335 buildings. On March 8, 2013, a number of families attempted to speak to the governor of Barinas about the homes they had been promised and had not received. Concerns were also raised about the quality of the homes built in the city: many had problems with fresh water, sewage, and cracks in the walls. Many of the wells and water treatment plants built underneath the city lacked proper planning and permits.

Additional details

1. This project is most likely funded by the CNY denominated tranche of the Long-Term Facility of the China-Venezuela Joint Fund (see project ID#37808), because the primary cost given in Venezuela sources is in CNY. 2. No transaction amount is given because it is already captured in project ID#37808.

Number of official sources

6

Number of total sources

7