Active Mixed AidData Chinese Aid

CDB provides $823.5 million loan for 20,000 Social Housing Units Project

$823.5K USD

Funder	China Development Bank (CDB)
Recipient Organization	Government of Venezuela
Country	Venezuela
Start Date	Aug 24, 2006
End Date	Jan 20, 2033
Duration	9,646 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`86911`

Grant Description

CDB provides $823.5 million loan for 20,000 Social Housing Units Project On August 24, 2006, China Development Bank signed a $823.5 million loan agreement with the Government of Venezuela for the 20,000 Social Housing Units Project.

The proceeds of the loan were to be used by the borrower to finance approximately 75% of the cost of a $1.098 billion commercial contract.

PDVSA — the Venezuelan state-owned oil company — agreed to increase oil exports to China and use the proceeds from the oil export sales to facilitate loan repayment. This project involved the construction of 20,000 social housing units in the states of Barinas, Aragua y Caracas. CITIC was the contractor responsible for project implementation.

The project officially commenced on August 24, 2006. However, a project implementation agreement was not signed until November 6, 2006. CITIC has stated the project was completed but on an unknown date.

📋 Staff Comments

The China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center, does not capture the CDB loan that supported this project.
The Spanish project title is 委内瑞拉社会住房项目 or 委内瑞拉两万套社会住房项目.
Given that CDB agreed to provide a loan to finance 75% of the cost of the commercial contract, AidData assumes that the loan was issued in the form of a buyer's credit. This issue warrants further investigation.

📚 Sources & References

委内瑞拉社会住房项目, http://finance.people.com.cn/GB/1037/4740013.html
赵景文副总经理出席委内瑞拉社会住房项目合作伙伴实施协议签约仪式
中信建设公司委内瑞拉10.98亿美元社会住房项目
Venezuela and China cement alliance
El rol de China en la crisis actual de Venezuela y por qué apoya a Maduro Fuente: The Epoch Times en español
CITIC Group Chairman Chang Zhenming Met Venezuelan President Nicolás Maduro Moros
Venezuelan Social Housing Projects
CITIC Construction
中信建设委内瑞拉社会住房项目拉莫拉地块举行C区交房仪式
单项合同额最大的中国海外住宅承建项目即将动工
赵景文副总经理出席委内瑞拉社会住房项目合作伙伴实施协议签约仪式
委内瑞拉社会住房项目
CITIC: principal socio chino del gobierno de Venezuela, en serios problemas 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

Government of Venezuela

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