China Eximbank provides $85 million preferential buyer's credit loan for 6 National Sporting Facilities Construction Project

Project narrative

On March 15, 2013, China Eximbank and the Government of the Republic of Trinidad and Tobago signed a preferential buyer's credit (PBC) agreement worth $85,000,000 for the 6 National Sporting Facilities Development Project. The borrowing terms of the loan (PBC) were as follows: a 15 year maturity, a 5.35 year grace period, and a 3% interest rate. The loan was scheduled for repayment in 21 equal and semi-annual installments between March 15, 2018 and March 15, 2028. The proceeds of the loan were to be used by the borrower to finance 85% of the cost of a TT$630 million commercial contract with Shanghai Constructed Limited. The lender made disbursements between 2013 and 2016 (including $12.1 million in 2016). The borrower made its first principal repayment of $4,047,619 in September 2018 and its second principal repayment of $4,047,619 between September 30, 2018 and September 30, 2019. However, it made no principal repayments between September 30, 2019 and September 30, 2021. Cumulative principal repayments amounted to $4,047,619 as of September 30, 2018, $8,095,238 as of September 30, 2019, $8,095,238 as of September 30, 2020, and $8,095,238 as of September 30, 2021. The loan’s (principal) amount outstanding was $80,952,381.00 as of September 30, 2018, $72,857,143 as of September 30, 2019, $64,761,905 as of September 30, 2020, and $56,666,667 as of September 30, 2021. The 6 National Sporting Facilities Development Project involved the construction of the George Bovell National Aquatic Center (named after Trinidadian Olympic swimmer George Bovell III) in Couva at an estimated cost of TT$193.1 million. The construction of the George Bovell National Aquatic Center began on March 15, 2013 and was completed in October 2016. It has two 50-meter pools and a 25 meter diving pool with a 700 person capacity. The project also involved the construction of the National Cycling Velodrome in Couva at a cost of $288.1 million Trinidadian dollars. This facility is comprised of 1m x 250m x 7m wooden cycling track with 2,500 seats, as well as general user facilities. Construction of the Cycling Velodrome began on March 15, 2013. It was completed and opened on July 31, 2016. The project also involved the construction of the National Tennis Center/Centre in Tacarigua. This facility is comprised of 6 outdoor tennis courts, 2 clay courts, 4 indoor tennis courts and 1 outdoor court with a 1,500 bleacher seating capacity. Construction on this facility began in late 2013 and it was completed and opened in September 2016. The project also involved the construction of a multipurpose Youth Sporting Facility (known as the North Eastern Regional Multi-Purpose Sport Facility) at Ojoe Road Recreation Ground in Sangre Grande. This facility consists of indoor multipurpose courts inclusive of but not limited to; badminton, basketball, netball, volleyball and gymnastics, two outdoor tennis courts, two multipurpose courts and football fields. Construction of this facility was expected to be completed in fiscal 2017. The project also involved the development and upgrade of grounds, parks and spaces -- specifically, an upgrade of six regional grounds and three sub-regional grounds throughout Trinidad. The construction of each of these grounds was to be inclusive of but not limited to grassing, outfield works, cricket pitch, football field, basketball court, multipurpose hard court, pavilion, bleachers, fencing, gates, gymnastics hall, 25 meter swimming pool, lighting, electrical works, play park and practice nets. All of these facilities were constructed by Shanghai Constructed Limited. Its work was overseen by the Sports Company of Trinidad and Tobago Limited (SPORTT), a state-owned enterprise in Trinidad and Tobago. The project as a whole was completed on June 30, 2016.