Project ID: 38074

China Eximbank provides RMB 350 million government concessional loan for the Montego Bay Convention Center Construction Project

Commitment amount

$ 71849428.77

Constant 2017 USD

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Jamaica

Sector

Other social infrastructure and services (Code: 160)

Flow type

Loan

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2007

Implementation

2009

2009-02-14

Actual start

Completion

2011

2011-04-16

Actual

Geography

Description

On June 1, 2007, the Export-Import Bank of China and the Government of Jamaica signed a RMB 350 million government concessional loan (GCL) agreement for the Montego Bay Convention Center Construction Project. According to internal records that Jamaica’s Ministry of Finance and the Public Service supplied to AidData in May 2020, the loan carried the following borrowing terms: a maturity period of 20 years, a grace period of 5 years, an interest rate of 2%, a commitment fee of 0.75%, and a management fee of 1.0%. The first scheduled date of loan repayment was March 21, 2013 and the final date of scheduled loan repayment was March 21, 2028. The loan was fully disbursed.The project involved the construction of a grand ballroom — on Rose Hall Road in Montego Bay — that spans 18,684 square feet with banquet seating for up to 1,260 guests, 10,161 square feet of flexible meeting space, and an exhibition hall. China National Complete Plant Import Export Corporation (Complant) was the contractor responsible for project implementation. The project was initiated on February 14, 2009. It was completed on April 16, 2011. The venue is now used for conventions, trade shows, banquets and theater-style conferences.

Additional details

This project is also known as the Montego Bay Convention Centre Project.

Number of official sources

13

Number of unofficial sources

7

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Jamaica [Government Agency]

Implementing agencies [Type]

China National Complete Plant Import & Export Corporation Group (COMPLANT) [State-owned Company]

Loan type

Concessional

Maturity

20 years

Interest rate

2.0%

Grace period

5 years

Management fee

1.0

Commitment fee

0.75

Grant element

53.10116182%

Gurarantee provided

No

Insurance provided

No