[China-Venezuela Joint Fund] Chinese Government loosens repayment terms for $50 billion USD in oil-backed loans made to Venezuela since 2007

Funder	Unspecified Chinese Government Institution
Recipient Organization	Government of Venezuela
Country	Venezuela
Start Date	Oct 01, 2014
End Date	Apr 10, 2029
Duration	5,305 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`39157`

Grant Description

In October 2014, it was announced that the Chinese Government had relaxed the repayment terms for the oil-backed loans to the China/Venezuela fund.

It removed the minimum quantity of oil sent for repayment (previously 330,000 barrels per day), allowed Venezuela’s government to make contributions in local currency rather than US dollars, and altered the maturity of one of three loan tranches.

📚 Sources & References

China Loosens Debt Terms for Venezuela
Beijing seen as lifeline to Latin American economies
CORRECTION: Changes to China-Venezuela Loan Agreement
Venezuela’s latest surprise default…China!
Venezuela Oil Loans Go Awry for China
Gaceta oficial no 40.516 del 10 de octubre de 2014 venezuela
Ley Aprobatoria del Cuarto Protocolo de Enmienda al Acuerdo entre el Gobierno de la República Bolivariana de Venezuela y el Gobierno de la República Popular China sobre el Fondo de Financiamiento Conjunto Chino-Venezolano 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.