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

Project narrative

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. As of October 30, 2021, the loan had achieved a 100% disbursement rate (RMB 350 million out of RMB 350 million). Its outstanding amount was RMB 146,774,193.55 as of October 30, 2021. 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.