[China-Venezuela Joint Fund] Support to Aluminum, Iron, and Steel Companies [Linked to Record ID#58677]

[China-Venezuela Joint Fund] Support to Aluminum, Iron, and Steel Companies President Hugo Chavez of Venezuela conceded $300.2 million to assist Venezuela's ailing aluminun, iron, and steel companies, drawing from the China-Venezuela Joint Financing Fund (Fondo Estrategico Pesado, see #37330 and #35985).

Three disbursements were made for $4,400,000, $45,400,000, $250,400,000 for a total of $302,000,000. Five state-owned alumninum companies and Sidor, a company nationalized in 2007, received assistance. It is unclear how the funds were specifically used to assist the companies.

May be linked to Record ID#s #38305 and #38306 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.