China Eximbank provides RMB 368.8 million loan for Airport Gateway Project

Project narrative

In 2008, the Ministry of Finance of the Bahamas and China Eximbank signed an MOU regarding the financing of the Airport Gateway Project (AGP). Then, on June 24, 2009, the Ministry of Public Work and Transportation of the Bahamas and China State Construction Engineering Corporation Ltd. (CSCEC) signed an MOU engaging CSCEC to perform the Design-Build Service for the AGP. Then, in August 2010, the Ministry of Public Work and Transport of the Bahamas invited Blue Engineering Ltd. to implement the Environmental Impact Assessment (EIA) for the AGP. On October 1, 2010, China Eximbank and the Government of the Bahamas signed a government concessional loan (GCL) agreement worth RMB 400 million for the AGP. China Eximbank and the Government of the Bahamas subsequently revised the face value of the loan agreement to RMB 368,800,000. The borrowing terms of the loan are as follows: a 20.5 year maturity, a 5 year grace period, and a 2% interest rate. The loan’s maturity date is March 2031. The total amount outstanding under the loan agreements that the Government of Bahamas and China Eximbank have signed (as captured via Record ID#39719 and Record ID#39740) 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 Airport Gateway Project involved the construction of a 6.2 mile (9.92 km) long, four-lane highway that runs from Sir Lynden Pindling Airport to Nassau's city center. It also included the water and electrical utilities, landscaping, street lights, nine new roundabouts, cable and phone services. CCA Civil Bahamas Ltd. -- a subsidiary of China State Construction Engineering Corporation -- was the contractor responsible for project implementation. Construction began in March 3, 2011 and was completed on October 10, 2013.