[China-Venezuela Joint Fund] CDB funds USD 25 million lightbulb replacement effort (linked to project ID#58677 and 38316)
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
Yes
Category
Project lifecycle
Description
On September 23, 2014, the Minister of People's Power for Electricity announced a number of new projects financed by Tranche C of the China-Venezuela Joint Fund (see project ID#38316). One such project involved replacing incandescent lightbulbs with LED bulbs to save energy. This was the second stage of lightbulb substitution. 22 million new lightbulbs were to be distributed across the country, which would save 600 MW of electricity each year. The project was implemented in multiple states, including Tachira, Vargas, and Barinas. It was part of a broader initiative to save energy called "Misión Revolución Energética" and was implemented by CORPOELEC, the Venezuelan state-owned electricity company, and the Ministry of People's Power for Electrical Energy (MPEE).
Additional details
1. No transaction amount is recorded for this project because it is captured in project ID#38316.
Number of official sources
4
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]
Venezuelan Ministry of Electric Power [Government Agency]
CORPOELEC [State-owned Company]
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
Maturity
3 years
Interest rate
2.851%
Grant element (OECD Grant-Equiv)
4.2531%