China Eximbank provides a $13.5 million loan for the 2 Shore-Based Container Gantry Cranes Project (Linked to Record ID#57003, #69139, and #69143)

Project narrative

On June 13, 2006, the Export-Import Bank of China and the Port Authority of Jamaica signed a $13,586,916 loan agreement for the 2 Shore-Based Container Gantry Cranes Project. The purpose of this project was to acquire 2 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 7.5 years, a grace period of 1 year, and a LIBOR-based interest rate. The first date of loan repayment was July 13, 2007 and the maturity date of the loan was January 13, 2014. The Government of Jamaica provided a sovereign guarantee for the loan. As of October 30, 2021, the loan had achieved a 100% disbursement rate ($13,586,916 out of $$13,586,916). Its outstanding amount was zero as of October 30, 2021. The cranes from Shanghai Zhenhua Port Machinery Company Ltd. (ZPMC) arrived from China on January 24, 2007.