China Eximbank provides RMB 350 million government concessional loan for Roberts International Airport Upgrade and Expansion Project

Project narrative

On September 21, 2016, China Eximbank and the Government of Liberia signed a framework agreement for a concessional loan worth RMB 350 million for the rehabilitation and construction of a new airport terminal building at Roberts International Airport (RIA), also known as Monrovia International Airport. The government concessional loan (GCL) agreement, which was ratified by Liberia's legislature in the fall of 2016, included the following borrowing terms: an interest rate of 2%, a grace period of 7 years, a maturity of 20 years, a management fee of 0.5%, and a commitment fee of 0.5%. According to the Government of Liberia, $15,050,000 was disbursed in Q3 of 2016/17 for this project, and $37,237,991.76 was disbursed total in 2017/18. The borrower made an interest payment to the lender worth $746,812 between between July 1, 2017 and June 30, 2018, $442,860 between July 1, 2018 and June 30, 2019, $536,587 between July 1, 2019 and June 30, 2020. The loan's (principal) amount outstanding was $15,051,450 as of October 1, 2017, $15,051,450 as of June 30, 2018, $49,323,330 as of December 31, 2018, $49,538,553 as of June 30, 2019 and $49,538,553 as of June 30, 2020. The project involved the construction of a new terminal building and supporting equipment, parking lot roads, and water and electricity facilities. China Harbour Engineering Company (CHEC) Limited was the contractor responsible for implementation. On November 21, 2016, the Liberian Government hosted the groundbreaking ceremony for the construction of the new passenger terminal building and Runway 4 and 22 at RIA. A dedication ceremony for the project was held on December 18, 2017. The project was completed on July 30, 2019. Then, in May 2021, the project’s final check and acceptance procedures took place.