China Eximbank provides USD 6.5 million loan — through RMB 257.2 million government concessional loan (GCL) — for Little Abaco Bridge Project in the Bahamas (Linked to Record ID #39740)

Project narrative

On October 21, 2011, the Bahamas Ministry of Works and China Harbour Engineering Company (CHEC) signed two commercial contracts in which CHEC agreed to construct the Little Abaco bridge and the North Abaco Port. A few months later, on January 5, 2012, Chinese Ambassador to the Bahamas Hu Shan and Bahamas Deputy Prime Minister and Foreign Minister Brent Symonette signed a framework agreement outlining future plans for the provision of Chinese preferential loans to the Bahamas. Then in February 2012, China Eximbank and the Government of the Bahamas signed a government concessional loan (GCL) agreement worth RMB 260 million to finance the full cost of the commercial contracts signed between the Ministry of Works and CHEC. The face value of the loan was later revised to RMB 257.2 million. The borrowing terms of the loan were as follows: a 20 year maturity, a 5 year grace period, a 2% interest rate, with the final maturity date falling in September 2032. Loan proceeds would be used to construct the North Abaco Port (estimated cost: $33.4 million; captured in Record ID #39740) and Little Abaco Bridge Project (estimated cost: $6.5 million; captured in this record). The construction of North Abaco Port — located at Conch Rock Creek, two miles north of Coopers Town in North Abaco — was intended to provide an alternative to existing facilities in Marsh Harbour and also facilitate proposed developments in Abaco and on the cays north of Treasure Cay. The construction of Little Abaco Bridge (locational coordinates: 26.9020°, -77.5802° WGS84) was designed to have an opening of 150 feet to allow water flow and restore tidal flow between the two islands — Little Abaco and Great Abaco — to revive and permit fish migrations and allow small pleasure crafts as well as small fishing vessels to go between the north and sides of Abaco without having to go the long way around by sea. The first loan disbursement took place in August 2013. Furthermore, the total amount outstanding under the GCL agreements signed between the Government of the Bahamas and China Eximbank (as captured via Record ID#39719, ID#39740, and this record) is $46.1 million as of December 31, 2012, $67.1 million as of December 31, 2013, $70.7 million as of December 31, 2014, $72.4 million as of December 31, 2015, $80.8 million as of December 31, 2016, $82.8 million as of June 30, 2017, $65.2 million as of September 30, 2021, $62.9 million as of March 31, 2022, and $53.1 million as of September 30, 2022. The bridge project was originally scheduled to commence in May 2012 and reach completion in 2016. However, due to environmental concerns raised about the project, construction did not begin until June 25, 2014. The Little Abaco Bridge was ultimately completed on May 31, 2018. Then, a few years later on March 18, 2022, an opening ceremony was held for the bridge.