China Eximbank provides RMB 257.2 million loan for the North Abaco Port & Little Abaco Bridge Project (Linked to Project ID#39640)

In February 2012, China Eximbank and the Government of the Bahamas signed a government concessional loan (GCL) agreement worth RMB 260 million for the North Abaco Port & Little Abaco Bridge Project. 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, and a 2% interest rate. The loan’s final maturity date is September 2032. This loan supported two subsidiary projects: the construction of North Abaco Port (estimated cost: $33.4 million) and the construction of Little Abaco Bridge Project (estimated cost: $6.5 million). The first loan disbursement took place in August 2013. The total amount outstanding under the loan agreements that the Government of Bahamas and China Eximbank have signed (as captured via Project ID#39719 and Project 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 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. China Harbour Engineering Company (CHEC) was the contractor responsible for implementation. Construction was originally scheduled to start in September 2013, but it ultimately started on June 25, 2014. The delay was the result of environmental concerns that were raised about the project. The project was originally scheduled to reach completion by 2016. However, it was ultimately completed on May 31, 2018.

Additional details

1. The Bahamas was not an ODA-eligible recipient in 2012. As such, the flow class field is set to OOF-Like. 2. This is one of the projects in a $41 million package from China Eximbank (see Project ID#39640). 3. Several official sources (e.g. https://www.bahamasbudget.gov.bs/media/filer_public/05/4e/054e4a5e-1633-47cb-8c6c-705c164e74df/mof-pdsb-3rdquarter-may2022-final-digital.pdf) refer to three loans from China Eximbank with outstanding amounts, which suggests that two separate loans may have been issued for the construction of North Abaco Port and the construction of Little Abaco Bridge Project. This issue warrants further investigation.

Number of official sources

25

Number of total sources

37