China Development Bank finances US$20 billion for projects in Latin America
September 04, 2010 | BY
clpstaff &clp articlesChina Development Bank (CDB) has financed infrastructure and social projects in Venezuela through two loan facilities with a combined value of US$20 billion.…
China Development Bank (CDB) has financed infrastructure and social projects in Venezuela through two loan facilities with a combined value of US$20 billion.
The financing, CDB's largest ever, required negotiations around three systems of law and involved the sale of oil contracts from Petroleos de Venezuela (PDVSA) to China National United Oil (Sinoil). The first US$10 billion facility is under English law, the second Rmb70 billion facility is governed by Chinese law, and the oil contract is dictated by Venezuelan law.
A multi-jurisdictional team from Hogan Lovells, led by Caracas partner Bruno Ciuffetelli and including partner Ken Hawkes in Singapore and Jun Wei in Beijing, represented PDVSA and the Ministry of Finance of Venezuela. CDB and Sinoil were represented by a Beijing-based White & Case team led by the head of the firm's China practice, Xiamong Li.
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