[UMBRELLA] Hambantota Port Development Project - Phase II (link to projects ID #39023, #39024 and #39025)

[UMBRELLA] Hambantota Port Development Project - Phase II Based on Sri Lanka's Department of External Resources (ERD) 2012 Performance Report, EXIM Bank of China, on 17 September 2012, has signed an agreement to provide a total loan of $809.35 million to the government of Sri Lanka for phase II of the port construction in Hambantota.

The $809.35 million loan was provided in 3 segments: Preferential Buyer’s Credit (PBC)- US$600 million, with 2% interest rate, 0.5% management fee, 0.5% commitment fee and a repayment period of 19-years including 6-years of grace period (Record ID#39023), Government Concessional Loan (GCL)- US$158.35, with 2% interest rate, 0.5% management fee, 0.5% commitment fee and a repayment period of 19-years including 6-years of grace period (Record ID#39024) and Buyer’s Credit Loan (BCL) - US$51 million, with an interest rate of LIBOR 06 Months for US$ + 4% margin, 0.9% management fee, 0.7% commitment fee and a repayment period of 15-years including 4-years of grace period (Record ID#39025) Based on ERD Disbursements of Foreign Funded Loan/Grant 2014, EXIM Bank had disbursed a loan amount of US$ 299,817,176.39 in the period of May to December 2014.

China Communications Construction Company has been assigned as the contractor for the second phase of Hambantota port. ERD also reported that China Harbour Engineering Com. Ltd. would also be involved in the project. The project was commenced in November 2012.

The port in Hambontota, deeper than the one at Colombo, is to be used as a refueling and docking station for the Sri Lankan Navy.