[China-Venezuela Joint Fund] Support to 13 Electricity Generation Projects (Linked to Record ID#58677)

[China-Venezuela Joint Fund] Support to 13 Electricity Generation Projects Summary: On December 11, 2009 President Hugo Chavez approved a 215.8 million USD donation from the China-Venezuela Fund to support 13 electricity generation projects in the Andean region of Venezuela. This region is highly affected by rationing and 18% of the daily demand for electricity experiences cut offs.

China-Venezuela Fund was signed in 2007 as $4 billion, making it the largest loan China has given to a signal is partly financed by China Development Bank but we don't know exactly how much is funded by CDB. There are three portions to the fund: tranche A, B, and C. As of 2016, the tranche B loan was renewed by US$5 billion.

In 2015, renewed this same portion from US$ 4 billion to US$5 billion. The payable date was extended from 2-years, to 5-years. Tranche C underwent similar changed to aid Venezuela in paying off US$ 1 billion. The total investment is $215.8 million but being financed by the CDB and Exim Bank. The Fund also recieves contributions from FONDEN and is administered by BANDES.

Similarly to many of the other loans administered through the China-Venezuela Fund, it will be repaid in oil and, therefore, not officially counted as debt.