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

On June 13, 2006, the Export-Import Bank of China and the Port Authority of Jamaica signed a $13,586,916 USD 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 reportedly arrived from China in January 2007.

Additional details

1. 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. 3. This project is linked to project ID#57003, #69139, and #69143 because all four projects relate to the larger Jamaican goal of renovating port facilities.

Number of official sources

6

Number of total sources

11