Skip to content
AidData logo

Overview

China Eximbank provides $29.1 million preferential buyer’s credit for Floating Dock Construction Project

Commitments (Constant USD, 2023)$30,966,078
Commitment Year•2017Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2017
Start (actual)
Jun 23, 2017
End (actual)
Oct 27, 2019
Last repayment (originally scheduled)
Dec 29, 2031

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

This project involved the construction of a floating dock at the Port of Havana. More detailed locational information can be found at https://www.openstreetmap.org/relation/2565378#map=14/23.1314/-82.3400

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Cuba

Implementing agencies

State-owned companies

  • China General Technology Group Holding Ltd.
  • China National Machinery Import & Export Corporation (CMC)

Loan description

China Eximbank provides $29.1 million preferential buyer’s credit for Floating Dock Construction Project

Interest type•UnknownMaturity•15 years

Narrative

Full Description

Project narrative

On June 23, 2017, China Eximbank and the Government of Cuba signed a $29.1 million preferential buyer’s credit (PBC) agreement for the Floating Dock Construction Project. The loan carried a 15-year maturity, but its other borrowing terms are unknown. The borrower was expected to use the proceeds of the loan to finance 85% of the cost of a $34 million EPC (commercial) contract with China General Technology Group Holding Ltd. and China National Machinery Import and Export Corporation (CMC). The purpose of the project was to construct a floating dock with with a lifting capacity of 22,000 tons at the Port of Havana. The dock was originally expected to provide ship repair services and be managed by Cuba's state-owned Caribbean Drydock Company SA. China National Machinery Import and Export Corporation (CMC) and China General Technology Group Holding Ltd. were the EPC contractors responsible for project implementation. The 18-month project was completed on October 27, 2019. An official project handover ceremony took place on October 30, 2019. The dock itself was put into operation at the end of 2019. On October 24, 2023, the official opening ceremony of the floating dock was held at the Cuban Caribbean Dock Engineering Co., Ltd. The floating dock is 240 meters long, 48 meters wide, 18 meters high, and has a lifting capacity of 22,000 tons.

Staff comments

1. The Spanish project title is Proyecto de Construcción de un Dique Flotante or La infraestructura Floting Dock 2. The Chinese project title is 2200TLC浮船坞项目. 3. This China Eximbank loan is not captured in the China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center.