China Eximbank provides a $20.6 million USD loan for the Ship-to-Shore Gantry Crane Acquisition Project (Linked to Project ID#69122, #69139, and #69143)

On May 11, 2004, the Export-Import Bank of China and the Port Authority of Jamaica signed a $20,657,968.00 USD loan agreement for the Ship-to-Shore Gantry Crane Acquisition Project. The purpose of this project was to design and construct 4 shore-based gantry cranes (ship-to-shore gantry cranes) for use at Kingston Container Terminal. According to internal records that Jamaica’s Ministry of Finance and the Public Service supplied to AidData in May 2020, the loan carried the following borrowing terms: a maturity period of 8.25 years, a grace period of 1.5 years, and an interest rate of 3.79%. The first date of loan repayment was January 21, 2006 and the maturity date of the loan was July 21, 2012. The Government of Jamaica provided a sovereign guarantee for the loan. As of October 30, 2021, the loan had achieved a 100% disbursement rate ($20,657,968.00 out of $20,657,968.00). Its outstanding amount was zero as of October 30, 2021. The gantry cranes were delivered to Jamaica from a Chinese manufacturer (Zhenhua Heavy Industries Company Limited) on January 12, 2005.

Additional details

1. This project is also known as the Design and Construction of Four Shore Based Gantry Cranes Project and the Gordon Cay Expansion Project. 2. One source suggests that the interest rate of this loan was 5.9%. However, AidData relies on the interest rate (3.97%) that Jamaica's Ministry of Finance and the Public Service identified in May 2020 (based on its own internal records). 3. The China Eximbank loan that supported this project is not included in the China-Latin America Finance Database, co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center. 4. This project is linked to Project ID#69122, #69139, and #69143 because all four projects relate to the larger Jamaican goal of renovating port facilities.

Number of official sources

7

Number of total sources

12