Project ID: 39740

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

Commitment amount

$ 47868495.62289197

Adjusted commitment amount

$ 47868495.62

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Bahamas

Sector

Transport and storage (Code: 210)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-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

2012-02-01

Planned start

2013-10-01

Actual start

2014-06-20

Planned complete

2016-08-31

Actual complete

2018-05-31

NOTE: Red circles denote delays between planned and actual dates

Geography

Description

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

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of the Bahamas [Government Agency]

Implementing agencies [Type]

China Harbour Engineering Co., Ltd. [State-owned Company]

Loan Details

Maturity

20 years

Interest rate

2.0%

Bilateral loan

Government Concessional Loan

Investment project loan