Chinese Government reschedules outstanding debt for Big Creek Bridge Construction Project for first time (Linked to Record ID#54914 and #54709)

Project narrative

On August 13, 2001, the Chinese Government rescheduled the Government of Antigua and Barbuda’s outstanding debt (603,959.56) related to a loan that it previously contracted for the Big Creek Bridge Construction Project. The original RMB 3.8 million loan (captured via Record ID#54914), which was contracted in contracted in 1988, had a 10-year grace period (1989-1999) and a 10-year repayment period (1999-2009). However, under the terms of the rescheduling agreement, 2005-2013 was identified as the new repayment period. By extension, the new grace period became 1989-2005. This zero-interest loan carries a total grace period of 17 years between 1989 and 2005 and a total maturity length of 25 years. The letters of agreement, which codified the rescheduling terms, were signed by Antigua PM Baldwin Spencer and Chinese Ambassador Liu Hanming. The same loan was rescheduled again in September 2011 (as captured via Record ID#54709), with 2019-2026 (final maturity date: January 1, 2026) becoming the new repayment period. This rescheduling, in effect, means that the loan carries a 0% interest rate. 31-year grace period, and 38-year maturity.