[China-Venezuela Joint Fund] CDB funds USD 93 million for new transmission substations (linked to project ID#58677, 94080, 94082, and 94084)
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 March 31, 2014, the Venezuelan government approved the use of USD 375 million from the China-Venezuela Joint Fund (see project ID#58377) for four projects to improve of the national electricity system (Spanish: Sistema Eléctrico Nacional (SEN)). This project involved creating new transmission lines and substations. It's unclear when it was started, or if it was ever finished, but funds were allocated for it. The other projects for which the USD 375 million was allocated were USD 100 million for the National Public Lighting Plan (see project ID#94080), USD 80 million for the Plan to Eliminate Illegal Taps (see project ID#94082), and USD 100 million for the acquisition of special units for the electrical system (see project ID#94804).
Additional details
1. No transaction amount is recorded for this project because it is captured in project ID#58677. 2. This project and its linked projects were committed relatively late in the China-Venezuela Joint Fund. It is unclear which tranche the funding came from, but it is most likely from Tranche C (see project ID#38316), which financed other electricity projects.
Number of official sources
1
Number of total sources
1
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]
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.