Completed Development AidData Chinese Aid

Chinese Government reschedules outstanding debt for Big Creek Bridge Construction Project for second time (Linked to Record ID#54914 and #71374)

Funder	Unspecified Chinese Government Institution
Recipient Organization	Government of Antigua and Barbuda
Country	Antigua and Barbuda
Start Date	Sep 01, 2011
End Date	Aug 29, 2028
Duration	6,207 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`54709`

Grant Description

On August 13, 2001, the Chinese Government rescheduled the Government of Antigua and Barbuda’s outstanding debt (603,959.56) related to a loan that it previously contracted for the Big Creek Bridge Construction Project.

📋 Loan / Grant Terms

⏳ Grace Period10 years

🔁 Repayment Period10 years

However, under the terms of the rescheduling agreement, 2005-2013 was identified as the new repayment period. By extension, the new grace period became 1989-2005.

📋 Loan / Grant Terms

💰 Loan Amountcarries a total grace period of 17 years between 1989 and 2005 and a total maturity length of 25 years

The letters of agreement, which codified the rescheduling terms, were signed by Antigua PM Baldwin Spencer and Chinese Ambassador Liu Hanming.

📋 Loan / Grant Terms

💰 Loan Amountwas rescheduled again in September 2011 (as captured via Record ID#54709)

📋 Loan / Grant Terms

💰 Loan Amountcarries a 0% interest rate

📅 Maturity38 years

⏳ Grace Period31 years

💹 Interest Rate0%

📋 Staff Comments

A media article (see: 'Antigua and Barbuda: Antigua - Latest Loan Default') notes a maturity date of 2038. It is not entirely clear which maturity date is accurate.

📚 Sources & References

Government Of Antigua And Barbuda Successfully Reschedules Debt Repayment With The People's Republic Of China
Finance News Week Ending June 11, 2011
Working Together to Build on Friendship and Write a New Chapter
Antigua and Barbuda: Antigua - Latest Loan Default, 2012 Antigua Budget Estimates, 2018 Antigua & Barbuda Recurrent and Development Estimates, 2012 Budget Statement
Antigua and Barbuda: Antigua - Latest Loan Default, 2012 Budget Statement
Consultant 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.