Active Mixed AidData Chinese Aid

[China-Venezuela Joint Fund] Renovation and support of Corpoelec (Linked to Record ID#58677)

Funder	China Development Bank (CDB)
Recipient Organization	CORPOELEC
Country	Venezuela
Start Date	Aug 16, 2009
End Date	Mar 21, 2030
Duration	7,522 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`37523`

Grant Description

[China-Venezuela Joint Fund] Renovation and support of Corpoelec On August 16, 2009, after requesting 1.15 billion USD from the Venezuelan government, President Hugo Chavez approved a 1 billion USD donation from the Venezuelan government to Corpoelec, of which 500 million USD came from the China-Venezuela Fund.

The other half of the donation came from FONDEN, or the Venezuelan National Development Fund. This investment was intended for Corpoelec’s investment and renovation. However, Chavez approved another 279 million to offset Corpoelec's deficit problems [#37525]. The total transaction amount is $500 million but not sure how much comes from China.

The China-Venezuela Joint Fund receives contributions from China Development Bank and FONDEN, and it is administered by BANDES. See Record ID#58677 for more information on the fund.

📋 Staff Comments

From Chinese sources, China-Venezuela Joint Fund provides 1 billion USD to Venezuelan electricity system. Because this project was supported, at least in part, by the China-Venezuela Joint Fund/Fondo Estrategico Pesado (See #35985, #37528, #37838, #38163, 38316, and #38380), this project is marked as a resource-backed or commodity-backed loan.

📚 Sources & References

Gobierno venezolano otorga 1.279 millones de dólares al sector eléctrico
Gobierno venezolano otorga 1.279 millones de dólares al sector eléctrico
委内瑞拉将使用中委基金投资电力项目
China-Latin America Finance Database
Gaceta Oficial de la Republica Bolivariana de Venezuela
China-Venezuela Economic Relations: Hedging Venezuelan Bets with Chinese Characteristics 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.