China Eximbank provides loan for purchase of 1,500 Yutong buses (Linked to Umbrella Record ID#58475)

China Eximbank provides loan for purchase of 1,500 Yutong buses On July 21, 2014, China Eximbank and the Government of Venezuela signed a buyer's credit agreement to faciliate the acquisition of 1,500 Yutong buses.

The proceeds of the loan were to be used by the borrower to purchase 1,500 Yutong buses as well as spare parts, tools, maintenance, and an intelligent bus operation management system. The first shipment of 350 Yutong buses under this agreement arrived in Venezuela in December 2014. Venezuela received the last shipment of buses in early 2014.

However, a 2020 investigative report by Transparencia Venezuela suggests that this project underperformed vis-a-vis its performance targets.

It concluded that 'the purchase and manufacturing of [Yutong] buses ... was aimed at ensuring the supply of urban and inter-city public transport in 55 cities in the country, through the Misión Transporte programme, but the service coverage targets were not met.' This project was financed by a $1 billion USD credit line to PDVSA (see Umbrella Record ID#58475).