China-Venezuela Joint Fund (#35985, #37528, #37838, #38380, #38163, #39099, #37808, #37804)

China-Venezuela Joint Fund (#35985, #37528, #37838, #38380, #38163, #39099, #37808, #37804) China has committed a total of $50 billion USD to the China-Venezuela Joint Fund in a loan syndicate. The Joint Fund is divided into four funds: Tranche A, Tranche B, Tranche C, and Long Term Facility (Grand Volumen).

Venezuela has also committed to making contributions to the fund. The China Development Bank and FONDEN contribute to this fund and it is administered by Bandes.

These loans are granted at a floating interest rate between 50 and 285 basis points beneath the LIBOR rate, whose value to 12 months has been at an average of 1.72% between 2007 and 2014 (Medium). The fund Tranche A is also known as the Heavy Fund I (Fondo Estrategico Pesado de Financiamiento).

Venezuela undertakes through PDVSA to sell fuel and / or crude oil in accordance with the oil contract(s) to ChinaOil in quantities not less than 230,000 barrels per day, by the date on that the obligations assumed with respect to the facilities have been completed and unconditionally fulfilled by BANDES; ChinaOil will deposit the money for the purchase of crude oil and fuel directly into the collection account opened and maintained by the BANDES and CDB; The corresponding portion of the money deposited in the collection account will be used as a (non-exclusive) source of financing for BANDES in order to facilitate the repayment by BANDES to CDB of principal, interest and other corresponding amounts owed by BANDES to CDB.

The distribution of the CDB's contribution of funds are as follows: $4 billion Tranche A (or the Joint Fund Phase I Facility) (2007):#35985 $4 billion Tranche B (or the Joint Fund Phase II Facility) (2009): #37528 $4 billion Tranche A Renewal 1 (2011): #37838 $4 billion Tranche A Renewal 2 (2012): #38380 $4 billion Tranche B Renewal 1 (2012): #38163 $5 billion Tranche C(2013):#38316 $5 billion Tranche B Renewal 2(2015): #39099 $10 billion Long Term Facility USD part (2010): #37804 70 billion RMB Long Term Facility (2010): #37808 The first commitment was made in 2007.

The funds can either be repaid in cash or oil. The fund is dedicated to sectors of infrastructure, industry, and energy.

Tranches A-C financed a myriad of projects such as: Metro de Valencia (#58788) Metro de Maracaibo (#58791) Metro de Los Teques and the Metro System of Caracas in 2011 (#37289) III Bridge over the Orinoco (Guárico-Bolívar) (#58628) Continuation of the Gran Mariscal de Ayacucho Highway in 2014 (#58621) Barrio Adentro IV project in 2011 (#37292) Mission Alma Mater project (#58795) Second Stage of the Integral Rehabilitation of the Guárico River Irrigation System Project in 2008 (#37517) Cerro Azul cement plant (#58801) Installation of the seamless pipe plant in Ciudad Bolívar (#58804) Yaguara- Montalbán highway exit (#58724) Tinaco-Anaco railway in 2009 (#37950).

Import of Surgical Equipment in 2014 (#38313).

Renovation and support of Corpoelec (#37523) Support to 13 Electricity Generation projects (#37542) Purchase of armored amphibious vehicles (#38151) Construction of VRSS-2 satellite (#38297) Construction of musical instruments assembly plant (#38379) Purchase of equipment for Bauxilum (#38159) Maracaibo Plain Project (#69377) Rehabilitation of the dam “El Guapo” Construction of 72 “socialist factories” Merida Cable Car Modernization Project (#69375) Creation of Avicola de Alba Socialist Joint Venture (#69376) Socialist Agrarian Project in the Maracaibo plain (#69377) TermoZulia II Power Plant (#91431) Termozulia IV Power Plant (#91492) Bachaquero and Tamare Power Plants (Termozulia V) (#91486) La Cabrera (José Felix Ribas) Power Plant (#91324) TermoCarabobo II Power Plant (#91283) India Urquia Power Plant (#91468) Juan Bautista Arismedi Power Plant (#91475) Long Term Facility: Five Power Plants in 2010 (#37833) Dredging the Rio Orinoco Canal (#37941) Alcasa Aluminium Plant (#37914) Support for nine socialist agricultural development schemes (#37829) Construction of New Pellet Plant and Production Upgrade at Ferrominera Orinoco (#37924) Tocoma Hydroelectric Power Plant (#91452)