[China-Venezuela Joint Fund] CDB funds VEF 34.313.496 expansion of Jirajara Socialist Agriculture project (linked to project ID#58677, 37804, and 37808)
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
In 2010, the Long Term Facility (see project ID#37804, and 37808) of the China-Venezuela Joint Fund (see project ID#58677) was signed. It funded a number of projects, including VEF 34,313,466 for the Jirajara Socialist Primary Production Unit (Spanish: Unidad de Producción Primaria Socialista Jirajara). The project cost USD 5,453,320.10. The Chinese funding allowed the project to be expanded by 5,459 hectares. The original farm which formed the basis for this project dates back to at least 2007, and probably earlier. The project is located in Trujillo. It was implemented by the Ministry of People's Power for Agriculture and Lands (MAT). It primarily produces sugar cane. In 2011, there was some controversy over the project when multiple animals from nearby farms escaped and trampled some of the sugar being grown in the Jirajara project. The animals were then taken and relocated by MAT, leading to complaints about corruption from the local farmers.
Additional details
1. No transaction amount is recorded because it is captured in either project ID#37804 or #37808. It is unclear if the project was financed by the USD tranche or the CNY tranche.
Number of official sources
4
Number of total sources
6
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 Agriculture and Land [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.