Completed Development AidData Chinese Aid

China Eximbank provides RMB 487 million government concessional loan for Jamaica Economic Housing Project

¥487M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Jamaica
Country	Jamaica
Start Date	Feb 03, 2010
End Date	Feb 27, 2029
Duration	6,964 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`38422`

Grant Description

China Eximbank provides RMB 487 million government concessional loan for Jamaica Economic Housing Project In February 2008, the Housing Agency of Jamaica Limited (HAJL) received an unsolicited proposal from China National Complete Plant Import and Export Corporation (COMPLANT) to execute a large housing construction project, utilizing a loan from the Export-Import Bank of China Letters of intent between the HAJL and COMPLANT were signed on March 14, 2009, and October 22, 2009, respectively.

They confirmed the likely project scope, the estimated total cost and duration of the project.

Then, on October 26, 2009, Jamaica’s Cabinet granted approval for a project loan from the Export-Import Bank of China.

On February 3, 2010, the Export-Import Bank of China and the Government of Jamaica signed a RMB 487 million government concessional loan (GCL) agreement for the Jamaica Economic Housing Project.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: a maturity period of 20 years

The first scheduled date of loan repayment was September 21, 2015 and the final date of scheduled loan repayment was September 21, 2030. As of October 30, 2021, the loan had achieved a 99.9% disbursement rate (RMB 486,696,869.20 out of RMB 487,000,000). Its outstanding amount was RMB 282,598,182,20 as of October 30, 2021.

The purpose of the Jamaica Economic Housing Project was to upgrade infrastructure works (water, sewage and roads) in rural communities of St Ann and St Elizabeth; to alleviate the deficit of housing solutions in St Ann, by providing a mix of affordable housing solutions, primarily for the tourism industry employees; and to provide affordable housing solutions in St Elizabeth.

This project sought to provide two (2) Bedroom Units, one (1) Bedroom Units, Studio Units and Serviced Lots in Belle Air and Mt. Edgecombe, St. Ann, and Luana Gardens, St. Elizabeth. The project groundbreaking ceremony took place on December 17, 2010. This project was completed by COMPLANT; however, the exact date of completion is unknown.

📋 Staff Comments

This project is also known as the Jamaica Economical Housing Project and the Low Income Housing Project.
The China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center, identifies the official commitment (loan agreement) date as September 2011. However, according to internal records that Jamaica’s Ministry of Finance and the Public Service supplied to AidData in May 2020, the loan agreement was signed on February 3, 2010. Therefore, AidData has set the commitment_year field to 2010.

📚 Sources & References

Jamaican ministry endorses China-Caribbean economic and trade co-operation forum
Housing Agency of Jamaica Limited welcomes the 3rd China-Caribbean Economic and Trade Cooperation Forum
The New Banks in Town: Chinese Finance in Latin America
Government of Jamaica 2011 18-K SEC filing
HOUSING AGENCY OF JAMAICA (HAJ)- AUDITOR GENERAL’S DEPARTMENT ACTIVITY BASED AUDIT REPORT
China-Latin America Finance Database
PM breaks ground for $multibillion housing project
Ambassador Dong Xiaojun visited Economic Housing Project of Jamaica
Contract on Jamaica Economic Housing Project comes into effect
Chinese Ambassador in Jamaica Inspected Jamaica Cricket and Affordable Housing Projects
Correspondence between AidData Executive Director and Jamaica MOF representative
Greetings by H. E. Chen Jinghua At the Groundbreaking Ceremony for the St. Ann Cluster and Luana Gardens Housing Projects
Strategic Business Plan 2014/2015-2016/2017
ANNUAL REPORT 2015
ANNUAL REPORT 2013 APPENDICES
郑清典大使视察中成工程公司承建的牙买加经济住房项目
Jamaica Memorandum on the Budget 2011/12
Correspondence between AidData and Jamaican Ministry of Finance and Public Service
Status of Loans from China, 12/31/2018
Status of Loans from China, 10/31/2021
Financial Statements & Revenue Estimates 2011-2012
Financial Statements & Revenue Estimates 2012-2013
Financial Statements & Revenue Estimates 2013-2014
Financial Statements & Revenue Estimates 2014-2015
INDEX TO FINANCIAL STATEMENTS AND REVENUE ESTIMATES, 03/31/2017
INDEX TO FINANCIAL STATEMENTS 2011-2012
Financial Statements & Revenue Estimates 2015-2016
Financial Statements & Revenue Estimates 2016-2017
Financial Statements & Revenue Estimates 2017-2018
Financial Statements & Revenue Estimates 2018-2019, $1.45 Billion for Housing Project in Two Parishes Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

Government of Jamaica

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