China Eximbank provides 100 million government concessional loan for Third Phase of Jamaica Water System Rehabilitation & Extension Project (Linked to Record ID#56752)

Project narrative

On February 1, 2005, China Eximbank and the Government of Jamaica signed a RMB 100 million government concessional loan (GCL) agreement for the Third Phase of the Jamaica Water System Rehabilitation & Extension Project. 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 15 year maturity, a 5 year grace period, an interest rate of 2%, a commitment fee of 0.50%, and a management fee of 0.25%. The first scheduled date of loan repayment was September 9, 2010 and the final date of scheduled loan repayment was September 21, 2020. As of October 30, 2021, the loan had achieved a 99.9% disbursement rate (RMB 99,999,999.75 out of RMB 100,000,000). Its outstanding amount was zero as of October 30, 2021. China National Corporation for Overseas Economic Cooperation was the contractor responsible for project implementation, and through this project, China Eximbank funded the acquisition of water pipes and equipment, which was earmarked for projects in several areas including the Kellits Water Supply in Clarendon, the Albert Town Water Supply in Trelawny, the Mile Gully Water Supply in Manchester, the Elderslie Water Supply in St. James, Goshen in St. Elizabeth, Broadgate in St. Mary and the Higgin Town Water Supply in St. Ann as well as a number of water supply projects in Central Westmoreland. The first set of pipes arrived on January 1, 2006 and the China Eximbank loan was fully disbursed.