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[China-Venezuela Joint Fund] CDB funds USD 80 million project to eliminate illegal taps (linked to Record ID#58677, 94080, 94081, and 94084)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Banco de Desarrollo Económico y Social de Venezuela (BANDES)|China-Venezuela Joint Fund |
| Country | Venezuela |
| Start Date | Mar 31, 2014 |
| End Date | Nov 21, 2031 |
| Duration | 6,444 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 94082 |
Grant Description
[China-Venezuela Joint Fund] CDB funds USD 80 million project to eliminate illegal taps On March 31, 2014, the Venezuelan government approved the use of USD 375 from the China-Venezuela Joint Fund (see Record ID#58677) for four projects to improve of the national electricity system (Spanish: Sistema Eléctrico Nacional (SEN)).
One of the project was an effort to combat illegal electrical taps through the installation of meters. It cost USD 80 million or VEF 150 million. The project was implemented by CORPOELEC, the Venezuelan state-owned electricity company.
The project was to install 87,959 home and commercial electricity meters, as part of the program to reduce the number of illegal taps.
The other projects for which the USD 375 million was allocated were USD 100 million for the National Public Lighting Plan (see Record ID#94080), USD 93 million for new transmission substations (see Record ID#94081), and USD 100 million for the aquisition of new specialized units for the electrical system (see Record ID#94804).
Staff Comments
- No transaction amount is recorded for this project because it is captured in project ID#58677.
- This project and its linked projects were committed relatively late in the China-Venezuela Joint Fund. It is unclear which tranche the funding came from, but it is most likely from Tranche C (see project ID#38316), which financed other electricity projects.
Sources & References
- Jesse Chacón: Más de 373 millones de dólares fueron aprobados para el mejoramiento del SEN
- Anunció el ministro de Jesse Chacón: Gobierno Nacional invertirá $ 373 millones para mejoras del sistema eléctrico
- A finales de 2015 entrará en funcionamiento primera unidad de Central Hidroeléctrica Tocoma 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
Banco de Desarrollo Económico y Social de Venezuela (BANDES)|China-Venezuela Joint Fund
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