China Eximbank provides $120 million loan for Port of Santiago Modernization Project

On July 22, 2014, China Eximbank and the Government of Cuba signed a $120 million loan agreement for the Port of Santiago Modernization Project. The Port of Santiago is the second largest port in Cuba and is 900 kilometers east of the capital, Havana. Prior to project implementation, the port could only accommodate 20,000 ton ships, but its modernization with support from China Eximbank would reportedly allow 40,000 ton cargo ships to enter and exit. The multipurpose port was meant have a length of 231.15 meters. The annual throughput of the terminal would reportedly be increased to 565,000 tons. The project also included social infrastructure, a bifurcated railway branch for the transfer of loads, and state-of-the-art cargo equipment. China Communications Construction Company was the contractor responsible for project implementation . Construction began in January 2015 with the expansion of the multipurpose maritime terminal, Puerto Guillermón Moncada. An on-site construction inspection was conducted on January 9, 2018 by Hong Xiao, the Economic and Commercial Counselor of the Chinese Embassy in Cuba, and his team. Port construction activities were completed on June 9, 2018, and was opened in 2019.

Additional details

1. The Chinese project title is 古巴圣地亚哥港多用途码头项目 or 古巴圣地亚哥海运港口项目. 2. There are differing transaction amounts: An RFI source says that the construction of the port will require a $100 million loan from China, whereas a Factiva source says the loan is for RMB 730 million (which is roughly equivalent to $116 million). Xinhua, Granma, the Diplomat, and China MOFCOM source all say the loan was for $120 million.

Number of official sources

11

Number of total sources

22