Narrative
Full Description
Project narrative
On February 2, 2011, the Chinese Government and the Government of Antigua and Barbuda signed an Economic and Technical Cooperation Agreement (ECTA), which committed an RMB 90 million interest-free loan for Phase 1 of V.C Bird International Airport Terminal Project (captured via Record ID#64610). The borrowing terms include a 0% interest rate, 20-year maturity, and 10-year grace period. On September 13, 2011, the Export-Import Bank of China (China Eximbank) signed an RMB 210 million government concessional loan (GCL) agreement with the Government of Antigua and Barbuda for Phase 1 of the V.C Bird International Airport Terminal Project (captured via Record ID#39633). This 2011 GCL for Phase 1 carries the following borrowing terms: 2% interest rate, 5 year grace period, and 20 year maturity. In 2012, the Chinese Government reportedly provided a grant worth XCD 24 million to the Government of Antigua and Barbuda for the construction of the terminal building (captured via Record ID#71173). On March 20, 2013, China Eximbank and the Government of Antigua and Barbuda signed an RMB 280 million government concessional loan (GCL) for Phase 2 of the V.C Bird International Airport Terminal Project (captured via Record ID#54537). This 2013 GCL for Phase 2 carries the following terms: 2% interest rate of and a 21-year maturity (final maturity date: March 21, 2034). The grace period is unknown. China Civil Engineering Construction Corporation was the contractor responsible for both phases of implementation. A groundbreaking ceremony occurred on November 2, 2011, and the terminal was ultimately completed on November 5, 2015. With 23,000 sq. meters of operating space, the terminal has 46 Common Use Terminal Use Equipment counters, 15 self-check kiosks, four loading bridges, state-of-the-art hold baggage screening equipment, and a conveyor system, as well as a plethora of retail spaces. The terminal is designed to handle 1,500,000 person-time annual passenger throughput.
Staff comments
1. According to a November 2015 article from OECS Business Focus, the Chinese Government offered an RMB 90 million interest-free loan for this project, so that is the transaction amount (face value of the loan) that AidData has identified. 2. It is not entirely clear if November 5, 2015 refers to the Phase 1 completion date, the Phase 2 completion date, or the completion date for both phases. This issue requires further investigation. 3. According to a 2014 Debt Audit Report published by the Government of Antigua and Barbusda, the RMB 210 million GCL agreement with China Eximbank was signed on April 15, 2011. However, the 2012 IMF Staff Report for Antigua and Barbuda reports that a preferential loan framework agreement for this project was signed on December 31, 2010, and the loan agreement was signed on September 13, 2011. 4. Letters of exchange were signed by the Chinese Government and the Government of Antigua and Barbuda on August 31, 2011 (See: 中安巴政府签署中国援安巴新建机场航站楼项目等换文). However, it is unclear if this financial commitment refers to the interest-free loan or the grant. This issue merits further investigation. 5. Another ETCA was signed on December 13, 2011, which reportedly committed an additional interest-free loan to construct the terminal building (See: 中、安巴两国政府签署经济技术合作协定). However, the face value and borrowing terms of the loan are unknown. This issue merits further investigation. 6. The China Eximbank loan for Phase 1 is captured in China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center. The China Eximbank loan for Phase 2 is not.