Completed Development AidData Chinese Aid

China Eximbank provides RMB 210 million government concessional loan for Phase 1 of V.C Bird International Airport Terminal Project (Linked to Record ID#54573, #64610, #71173)

¥210M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Antigua and Barbuda
Country	Antigua and Barbuda
Start Date	Sep 13, 2011
End Date	Oct 21, 2032
Duration	7,709 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`39633`

Grant Description

China Eximbank provides RMB 210 million government concessional loan for Phase 1 of V.C Bird International Airport Terminal Project On February 2, 2011, the Chinese Government and the Government of Antigua and Barbuda signed an Economic and Technical Cooperation Agreement (ECTA), which committed an RMB 90 million interest-free loan for Phase 1 of V.C Bird International Airport Terminal Project (as captured via Record ID#64610).

Then, on September 13, 2011, the Export-Import Bank of China signed an RMB 210 million government concessional loan (GCL) agreement with the Government of Antigua and Barbuda for Phase 1 of the V.C Bird International Airport Terminal Project (as captured via Record ID#39633).

📋 Loan / Grant Terms

📅 Maturity20.5 years

⏳ Grace Period5 years

Additionally, in 2012, the Chinese Government reportedly provided a grant worth 24 million East Caribbean dollars to the Government of Antigua and Barbuda for the construction of the terminal building (captured via Record ID#71173).

On March 20, 2013, China Eximbank and the Government of Antigua and Barbuda signed an RMB 280 million government concessional loan (GCL) for Phase 2 of the V.C Bird International Airport Terminal Project (captured via Record ID#54573). This GCL carried the following terms: an interest rate of 2% with a maturity of 21-years.

The grace period of the GCL is not identified in publicly available sources.

China Civil Engineering Construction Corporation was the contractor responsible for implementation of Phase 1 and Phase 2. A groundbreaking ceremony occurred on November 2, 2011, and the terminal was ultimately completed on November 5, 2015.

With 23,000 sq. meters of operating space, the terminal has 46 Common Use Terminal Use Equipment counters, 15 self-check kiosks, four loading bridges, state-of-the-art hold baggage screening equipment, and a conveyor system, as well as a plethora of retail spaces. The terminal is designed to handle 1,500,000 person-time annual passenger throughput.

📋 Staff Comments

According to a November 2015 article from OECS Business Focus, the Chinese Government offered an RMB 90 million interest-free loan for this project, so that is the transaction amount (face value of the loan) that AidData has identified.It is not entirely clear if November 5, 2015 refers to the Phase 1 completion date, the Phase 2 completion date, or the completion date for both phases. This issue requires further investigation.According to a 2014 Debt Audit Report published by the Government of Antigua and Barbuda, the RMB 210 million GCL agreement with China Eximbank was signed on April 15, 2011. However, the 2012 IMF Staff Report for Antigua and Barbuda reports that a preferential loan framework agreement for this project was signed on December 31, 2010, and the loan agreement was signed on September 13, 2011.Letters of exchange were signed by the Chinese Government and the Government of Antigua and Barbuda on August 31, 2011 (See: 中安巴政府签署中国援安巴新建机场航站楼项目等换文). However, it is unclear if this financial commitment refers to the interest-free loan or the grant. This issue merits further investigation.Another ETCA was signed on December 13, 2011, which reportedly committed an additional interest-free loan to construct the terminal building (See: 中、安巴两国政府签署经济技术合作协定). However, the face value and borrowing terms of the loan are unknown. This issue merits further investigation.The China Eximbank loan for Phase 1 is captured in China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center. The China Eximbank loan for Phase 2 is not.

📚 Sources & References

中、安巴两国政府签署经济技术合作协定, 2015年8月20日，安巴国际机场新航站楼项目对外移交典礼现场。
中铁五局承建的安巴国际机场新航站楼开工建设
驻安巴大使刘汉明和安巴总理斯潘塞共同出席安巴国际机场航站楼项目开工典礼
The Redevelopment Project, https://www.eccb-centralbank.org/debt-portal/documents/open/27
ANTIGUA AND BARBUDA STAFF REPORT FOR THE 2014 ARTICLE IV CONSULTATION AND SECOND POST-PROGRAM MONITORING—PRESS RELEASE; AND STAFF REPORT
Government of Antigua and Barbuda Prospectus
New Antigua airport terminal breaks ground, with help from China
Government Concessional Loan & Preferential Buyer's Credit Brochure
V.C Bird Airport
Government Concessional Loan & Preferential Buyer’s Credit Brochure
安巴总理斯潘塞和我驻安巴大使刘汉明共同视察安巴机场航站楼项目
中国援安巴新航站楼开工典礼隆重举行
中安巴政府签署中国援安巴新建机场航站楼项目等换文
中国援安巴机场航站楼项目施工合同正式签订
驻安提瓜和巴布达大使任共平陪同斯潘塞总理视察机场新航站楼项目工地
驻安提瓜和巴布达大使刘汉明在安巴新机场航站楼项目开工仪式上的讲话
驻安提瓜和巴布达大使刘汉明和安巴总理斯潘塞共同出席安巴国际机场航站楼项目开工典礼
驻安提瓜和巴布达大使刘汉明和安总理斯潘塞共同出席安巴机场航站楼项目施工合同签约仪式
驻驻安提瓜和巴布达大使刘汉明听取航站楼技术方案汇报
驻安提瓜和巴布达大使刘汉明会见安巴民航旅游部长
驻安提瓜和巴布达大使王宪民考察慰问在安中资企业项目组
驻安提瓜和巴布达大使任共平春节前夕慰问中资企业员工
驻安提瓜和巴布达大使刘汉明看望慰问中资企业员工
驻安提瓜和巴布达大使刘汉明考察中土公司承建安巴机场航站楼项目, 2018 Antigua & Barbuda Recurrent and Development Estimates
Debt Audit Report
Antigua & Barbuda Recurrent and Development Estimates
Antigua and Barbuda Estimates 2023
Antigua and Barbuda Estimates 2024, 2018 Antigua & Barbuda Recurrent and Development Estimates 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.

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Government of Antigua and Barbuda

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