Completed Development AidData Chinese Aid

China Eximbank provides $120 million loan for Port of Santiago Modernization Project

$120M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Cuba
Country	Cuba
Start Date	Jul 22, 2014
End Date	Jan 18, 2033
Duration	6,755 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`43110`

Grant Description

China Eximbank provides $120 million loan for Port of Santiago Modernization Project On July 22, 2014, China Eximbank and the Government of Cuba signed a $120 million loan agreement for the Port of Santiago Modernization Project. The Port of Santiago is the second largest port in Cuba and is 900 kilometers east of the capital, Havana.

Prior to project implementation, the port could only accommodate 20,000 ton ships, but its modernization with support from China Eximbank would reportedly allow 40,000 ton cargo ships to enter and exit. The multipurpose port was meant have a length of 231.15 meters. The annual throughput of the terminal would reportedly be increased to 565,000 tons.

The project also included social infrastructure, a bifurcated railway branch for the transfer of loads, and state-of-the-art cargo equipment. China Communications Construction Company was the contractor responsible for project implementation .

Construction began in January 2015 with the expansion of the multipurpose maritime terminal, Puerto Guillermón Moncada.

An on-site construction inspection was conducted on January 9, 2018 by Hong Xiao, the Economic and Commercial Counselor of the Chinese Embassy in Cuba, and his team. Port construction activities were completed on June 9, 2018, and was opened in 2019.

📋 Staff Comments

The Chinese project title is 古巴圣地亚哥港多用途码头项目 or 古巴圣地亚哥海运港口项目.
There are differing transaction amounts: An RFI source says that the construction of the port will require a $100 million loan from China, whereas a Factiva source says the loan is for RMB 730 million (which is roughly equivalent to $116 million). Xinhua, Granma, the Diplomat, and China MOFCOM source all say the loan was for $120 million.

📚 Sources & References

China
Cuba ink cooperation pacts
China Communications Construction will contract the modernization project of the port of Santiago
Cuba
China Grants Credit to Cuba to Build Port Terminal in Santiago
BRI – Economic Corridors and Key Operational Investments
China helps convert Santiago de Cuba into modernized port
Satellite Images: A (Worrying) Cuban Mystery
中国承建圣地亚哥港码头项目开始工程地勘准备工作
中国承建圣地亚哥港码头项目开始工程地勘准备工作
古巴国家主席卡内尔到圣地亚哥港多用途码头项目视察
水规院古巴圣地亚哥港多用途码头顺利开工
中国企业在古巴首个工程项目主体完工
中国企业在古巴首个工程项目主体完工
El antes y el después del puerto Guillermón Moncada
Los multipropósitos de una Terminal
Cuba amplía importante puerto con crédito chino
洪晓参赞赴古巴圣地亚哥省考察多用途码头项目
对外投资合作国别（地区）指南: 古巴
Intensifican cooperación Cuba y China
China and Cuba sign cooperation agreement on economic and technological cooperation agreement
Sino-Cuban Relations: No ‘New Cold War’ in Havana
China-Latin America Finance Database
China's Overseas Development Finance 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 Cuba

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