China Development Bank Lends Venezuela $42.5 Billion Since 2007
China Development Bank Corp. has lent Venezuela $42.5 billion since 2007. Here’s how it breaks down.
November 2007 -- China and Venezuela sign an agreement to jointly develop energy and infrastructure projects in South America’s biggest oil-producing nation. Under the terms of the agreement, Venezuela must repay China in oil. The first tranche is for $4 billion.
April 2009 -- China pays a second tranche of $4 billion into the joint development fund.
December 2009 -- China Development Bank provides state mining company Corp. Venezolana de Guayana with a $1 billion credit in exchange for iron ore.
January 2010 -- China Development Bank and Portugal’s Banco Espirito Santo SA loan $1.5 billion to state oil company Petroleos de Venezuela SA.
April 2010 -- China Development Bank agrees to lend Venezuela $20 billion on housing, railroad, energy and agriculture projects. Under the terms of the agreement, half the load is payable in U.S. dollars and half in renminbi.
June 2011 -- China pays third $4 billion tranche into joint development fund. Venezuela contributes $2 billion.
November 2011 -- China Development Bank lends PDVSA $4 billion to develop oil ventures with Chinese companies.
August 2012 -- China Development Bank deposits fourth $4 billion tranche in joint development fund.
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