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

On 23 June 2017, China Eximbank provided a $29.1 million preferential buyer’s credit (PBC) loan to the Government of Cuba for the Floating Dock Construction Project. The EPC contract for the project was worth $34 million, and China Eximbank agreed to cover 85% of the EPC cost through a PBC loan. The PBC loan carried a 15 year maturity. China National Machinery Import and Export Corporation (CMC) and China General Technology were the contractors responsible for project implementation. The 18-month construction was completed on October 27, 2019, and the dock was delivered on 30 October, 2019 at the Carribbean Drydock Company SA, located at the Port of Havana. It was put into operation at the end of the year. The dock is being managed by Cuba's state-owned Caribbean Drydock Company. At 22,000 tons, this dock is currently the largest and most advanced dock in Cuba and even the Caribbean and will drastically enhance the development level of the Cuban shipping industry. Chinese manufacturers of the dry dock certified the dock will be operational for at least 30 years, doubling the 15-year period established for paying back the credit.

Additional details

The Spanish project title is "Proyecto de Construcción de un Dique Flotante". The Chinese project title is 2200TLC浮船坞项目 (See: 通用物流公司董事长兼总经理施延钊会见古巴交通副部长及哈瓦那船厂总经理一行).

Number of official sources

6

Number of total sources

17