Active Mixed AidData Chinese Aid

CDB provides $5 billion loan to BANDES and PDVSA in September 2013 for unspecified purposes

$5M USD

Funder	China Development Bank (CDB)
Recipient Organization	Banco de Desarrollo Económico y Social de Venezuela (BANDES)\|Pétroleos de Venezuela S.A. (PDVSA)
Country	Venezuela
Start Date	Sep 18, 2013
End Date	Feb 01, 2027
Duration	4,884 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92607`

Grant Description

CDB provides $5 billion loan to BANDES and PDVSA in September 2013 for unspecified purposes According to a filing with the U.S.

Securities and Exchange Commission (SEC), on September 18, 2013, China Development Bank (CDB) entered into a $5 billion credit facility agreement with Banco de Desarrollo Económico y Social de Venezuela (BANDES) and Petróleos de Venezuela, S.A. (PDVSA) for unspecified purposes. The borrowing terms are unknown.

This loan was collateralized with PDVSA income from oil sales.

📋 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 this $5 billion loan from China Development Bank.
Given that virtually all of the CDB loan contracted by BANDES are collateralized against PDVSA income from oil sales, AidData assumes for the time being that the same arrangement underpinned the September 18, 2013 loan agreement. However, this issue warrants further investigation.

📚 Sources & References

2016 Consolidated Financial Statements
UPDATE 1-CNPC to help develop Junin 10 project in Venezuela -Ramirez
Exhibit D to the Bolivarian Republic of Venezuela’s Annual Report on Form 18-K to the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2013
Petróleos De Venezuela
S.A. Y Sus Filiales (PDVSA) 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.