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Chinese government loans 60 Million USD to Bolivia's National Mine Geology and Technical Service for Geological Map
| Funder | Unspecified Chinese Government Institution |
|---|---|
| Recipient Organization | Bolivia National Mine Geology and Technical Service (Sergeotecmin) |
| Country | Bolivia |
| Start Date | Jan 01, 2008 |
| End Date | May 25, 2030 |
| Duration | 8,180 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 35888 |
Grant Description
Chinese government loans 60 Million USD to Bolivia's National Mine Geology and Technical Service for Geological Map In January 2008, the Jiangxi Department of Exploration and Development of Geological Resources and Minerals (Depgeomin) and the Bolivian geological institution National Geology and Technical Mining Service (Servicio Nacional de Geología y Técnico de Minas) signed an agreement in which the Chinese government agreed to finance and participate in the production of 70% of a Geological Map (Carta Geológica) of Bolivia.
Financing was to consist of a 60 million USD loan from the Chinese government, which was also outlined in the agreement.
Additionally, according to El Diaro's reporting, if any areas are uncovered during the process of creating the map that have potential to become mineral or hydrocarbon mining sites, Chinese companies will get preference for developing these areas in a 50/50 partnership with Comibol, the Bolivian state-run mining company.
El Diaro also reports that if such a partnership is established, the 60 million USD of debt will be taken on by the Chinese company involved, and the Bolivian government's debt obligations will be voided.
The deal is part of wider economic cooperation agreements signed by the governments of the two countries in December 2007.
The purpose of the agreement is to find new mineral resources in Bolivia in areas that had not yet been mapped, about 85% of Bolivia's territory at the time of signing. Work on the new map was expected to begin in June 2008. As of mid-2014, about 41.8% of Bolivia had been mapped. However, it is possible that the project never progressed.
In late January 2008, a Jiangxi Geology official told Interfax-China that no legally binding agreement had been signed after other outlets reported an agreement had been signed, and per "Reporte Anual de Industrias Extractivas" another, similar, confidential agreement was signed in 2018.
Staff Comments
While many sources call the funds from the Chinese government an 'investment,' they rely on reporting from El Diario, which explicitly notes this 'investment' comes in the form of a loan, indicating the term 'investment' is likely not being used to mean a literal investment.
Sources & References
- Bolivia secures Chinese financing for geological chart
- Chinese company to join in Bolivian mining project
- Sergeotecmin precisa $us 60 millones para nueva Carta Geológica Nacional
- 我援玻利维亚外交部地测设备进行交接, (Bolivia) In June Sergeotecmin begins the elaboration of a Geological Chart, (Bolivia) China will invest US $ 60 million in Geological Chart
- PLAN SECTORIAL DE DESARROLLO INTEGRAL MINERO METALÚRGICO 2016 – 2020
- Reporte Anual de Industrias Extractivas
- Alianza entre China y Bolivia asegura futuros proyectos mineros Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Bolivia National Mine Geology and Technical Service (Sergeotecmin)
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