Active Mixed AidData Chinese Aid

[China-Venezuela Joint Fund] III Bridge over the Orinoco (Guárico-Bolívar) (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, 2015
End Date	May 16, 2030
Duration	5,614 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`58628`

Grant Description

[China-Venezuela Joint Fund] III Bridge over the Orinoco (Guárico-Bolívar) The China-Venezuela Joint Fund financed the continuation of the third bridge over the Orinoco (Guárico-Bolívar). Haiman El Troudi estimates that the project will be inaugurated in December of 2016.

The investment amount is said to be $2.8 million (El Carabobeño) but the donor of this amount and its breakdown are not specified. Investments were made in the project in 2015, however the commitment date for the project is unclear.

China Development Bank (CDB) and FONDEN or the National Development Fund (administered through BANDES) manage this fund. It is unclear which tranche funds this project. The cost is unclear. Odebrecht S.A. is a contractor on the project.

The main section of the Third Bridge over the Orinoco River consists of a double deck structure (a road on the upper deck and a rail road on the lower deck) consisted of two main diamond-shaped towers made of reinforced concrete, standing 135.5 meters (444.5 feet) high and 11.13 km (7 miles) long.

The navigation channel over the bridge features a 360-meter (1,182-foot) gap, and is 40 meters (132 feet) high and 21 meters (69 feet) long.

In 2017 it was reported that construction on the bridge has been frozen as a result of a major multinational corruption scandal involving Odebrecht S.A..

As of July 4, 2020, the bridge still has not resumed and is presumed to be suspended indefinitely Doka is another contractor on the project.

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. The first commitment to this fund was made in 2007.

📋 Staff Comments

The flow type is unclear, however, the Chinese part of the fund is financed by a loan, so the same is assumed here. The transaction amounts for all sub-projects are accounted for in the projects for the three tranches and their renewals. Because it is unclear how much funding for each project is from the Chinese side and it is unclear which tranche is funding each sub-project, the transaction amounts should not be recorded until this information is known.

📚 Sources & References

The Sustainable Infrastructure Finance of China Development Bank: Composition
Experience and Policy Implications
MÁS DE 59 MIL 500 MILLONES DE BOLÍVARES INVERTIRÁ EL EJECUTIVO EN MATERIA VIAL ESTE AÑO
Tercer puente sobre el Orinoco es 20 veces más caro que el más alto del mundo
Third Bridge over the Orinoco River: Odebrecht completes south tower works
Este hilo contiene... Twitter Thread
The 18 infrastructure works that Chavismo promised for Venezuela but never realized
Brazil Scandal Leaves Dreams Undone in Venezuela
Bridge No. 3 over River Orinoco
Gaceta Oficial de la Republica Bolivariana de Venezuela
China-Venezuela Economic Relations: Hedging Venezuelan Bets with Chinese Characteristics
Financiamientos desde el Fondo Conjunto Chino-Venezolano
Señaló la ministra del Comercio
Edmée Betancourt
Fondo chino-venezolano impulsa 160 proyectos para el desarrollo del país 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.