China Eximbank provides overseas project contracting loan for Amador Cruise Terminal Construction Project

In July 2017, Panama Maritime Authority (AMP) awarded a $165.7 million contract to Cruceros del Pacífico (CCP), a consortium made up of China Harbour Engineering Company (CHEC) and Jan de Nul Panamá (JDN), for the Amador Cruise Terminal Construction Project. The Hubei Branch of China Eximbank Hubei Branch) issued an overseas project contracting loan (外承包工程款) to CHEC to support its participation in the project. The face value and borrowing terms of the loan are unknown. The purpose of the project is to design, develop and build the Amador Cruise Terminal at the Panama Canal Pacific entrance. The terminal is expected to have capacity to accommodate two ships of 360 meters in length, with a capacity of 5,000 passengers per vessel, in an area whose draught must reach 10.5 meters and be able to receive cruise ships at any time of day, regardless of the condition of the tide. The terminal is expected to have an area with parking for 300 vehicles, 60 spaces for buses and 25 spaces for trucks. An environmentally friendly administrative building of approximately 10,800 square meters is to be built to serve the 10,000 passengers when the port is in full operation. This building is expected to have a green building certification, with more than two hectares as a green area and paths, which should be integrated with the other spaces included in the project. The cruise terminal is expected to be a public port and be administered by the AMP, a measure aiming at ensuring that this terminal provides quality service to all operators using it and not limit the use to any cruise company in particular. AMP issued a notice to proceed (NTP) to JDN and JDN on October 5, 2017. The project was originally expected to reach completion within 24 months (October 5, 2019). However, work was suspended during the COVID-19 pandemic. The cruise ship pier itself was finished in February 2020 and the overall project completion rate was 76% as of March 2023. and https://theglobalamericans.org/2021/04/chinas-advance-in-panama-an-update/ and https://www.seatrade-cruise.com/news-headlines/belgium-china-consortium-wins-166m-panama-cruise-terminal-contract and https://conference-service.com/pianc-panama/documents/agenda/data/abstracts/en/abstract_0080.html and https://conference-service.com/pianc-panama/documents/agenda/data/full_papers/full_paper_375.pdf and https://www.amp.gob.pa/noticias/notas-de-prensa/el-puerto-de-cruceros-de-panama-recibe-la-visita-del-vicepresidente-de-servicios-de-norwegian-cruise-line-y-se-abre-la-posibilidad-que-atraquen-cruceros-de-mas-capacidad/ and https://www.amp.gob.pa/iniciativas/infraestructura/terminal-de-cruceros-de-amador-isla-perico-panama/ and https://www.google.com/maps/place/Terminal+de+Cruceros+de+Amador/@8.9153467,-79.5221664,3a,75y,90t/data=!3m8!1e2!3m6!1sAF1QipNvy1dsOEH8Z0F20QbIef1rNX9bZZCXM2tFFWb4!2e10!3e12!6shttps:%2F%2Flh5.googleusercontent.com%2Fp%2FAF1QipNvy1dsOEH8Z0F20QbIef1rNX9bZZCXM2tFFWb4%3Dw129-h86-k-no!7i2000!8i1333!4m7!3m6!1s0x8facaf7426a9fe19:0x43cae0bebfdad6aa!8m2!3d8.9154387!4d-79.5220251!10e5!16s%2Fg%2F11f9zjx2kj?entry=ttu

Additional details

1. Overseas Project Contracting Loans (In Chinese: 外承包工程款) are provided by China Eximbank to help Chinese companies finance overseas project contracts. They can be denominated in USD or RMB. Per China Eximbank policy, the contract cost that is financed by the should not be lower than 1 million USD. Goods and services exported from China under the contract should not be lower than 15% of contract cost. 2. The Spanish project title is Construcción de una terminal de crucero, Amador Isla Perico. 3. The precise loan commitment date is unknown. For the time being, AidData assumes the the overseas project contracting loan was issued in the year when construction began (2017). This issue warrants further investigation.

Number of official sources

12

Number of total sources

17