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[China-Venezuela Joint Fund] Purchase of Equipment for Bauxilum [Linked to Record ID#58677]
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Banco de Desarrollo Económico y Social de Venezuela (BANDES)|China-Venezuela Joint Fund |
| Country | Venezuela |
| Start Date | Jan 01, 2012 |
| End Date | May 25, 2029 |
| Duration | 6,354 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 38159 |
Grant Description
[China-Venezuela Joint Fund] Purchase of Equipment for Bauxilum In 2012, Venezuelan state alumina and bauxite company Bauxilum invested US$15mn to purchase equipment that will help normalize operations, improve bauxite management and extend the lifespan of stacking equipment. Some 50% of the resources to carry out the project were provided by the China-Venezuela fund.
The status of these investments is unclear.
The 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$5 billion.
The China-Venezuela Joint Fund receives contributions from China Development Bank and FONDEN, and it is administered by BANDES. See Record ID#58677 for more information on the fund. In 2015, China renewed this same portion from US$ 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, being financed by the CDB and Exim Bank.
Staff Comments
Funded by #58677, the China Venezuela Joint Fund. Bauxilum also received large sums from the China Venezuela fund in 2009 and 2014.
Sources & References
- Bauxilum finalizes US$15mn investment in equipment
- Will China Rescue Venezuela?
- Why China is lending $5 billion to struggling Venezuela
- 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.
All Grantees
Banco de Desarrollo Económico y Social de Venezuela (BANDES)|China-Venezuela Joint Fund
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