The rollout of the Caracas metro trains

1982

BNP Paribas Historical Collections

Themes:

  • Banks & Financial Institutions
  • Innovation
  • Project financing
Document

This series of photos shows the technical centre of Caracas metro.

Of all the major French banks, Paribas was the one whose business volume in major export credits was greater than its business volume in general credits. The Caracas metro, inaugurated in 1983, is one of the leading export credit operations of the bank on rue d’Antin.
In 1978, the bank played a decisive role in the commercial battle that pitted a group of 12 French manufacturers against foreign competitors to win the contract to equip the Caracas metro. It involved supplying 240 wagons, 4500 tonnes of rails and the signalling to the management company of the future metro.

Thanks to the bank’s innovative financing technique, the currency swap, the French industrial group’s offer turned out to be more advantageous for the Venezuelans. In the French offer denominated in French francs, the annual credit increase ceiling was 8% versus 5% for the Japanese offer in dollars. Consequently, Paribas, in collaboration with the Morgan bank, organised the forward purchase of the dollars the Caracas Metro company had to deliver to cover the French credit due dates. This made it possible to apply a 15% discount to the buyer.

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The personal data collected from the Site are subject to data processing by BNP Paribas to enable access to and use of the functionalities offered by the Site www.histoire.bnpparibas.
Pursuant to the French Data Protection Law No. 78-17 of 6 January 1978, you are entitled to access the data collected by BNP Paribas and to have it amended, updated or deleted, where such information is incorrect, incomplete or outdated. You can exercise this right by contacting: BNP Paribas – APAC TDC Val de Marne, TSA 30233- 94729 FONTENAY SOUS BOIS Cedex.

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Well of History

Since 1822, history has made us a key player and a witness of transformations taking place in society and economy in Europe and around the world. We invite you to share in our story and explore our archives to learn more about our constantly changing world.
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