China Development Bank finances US$20 billion for projects in Latin America

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    China 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.

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