China Eximbank provides RMB 160 million government concessional loan for Parliamentary Complex & MJCA Building Construction Project (Linked to Record ID#96220, 96219)

China Eximbank provides RMB 160 million government concessional loan for Parliamentary Complex & MJCA Building Construction Project On December 20, 2006, China Eximbank and the Government of Samoa signed an RMB 160 million government concessional loan (GCL) agreement for the Parliamentary Complex & MJCA Building Construction Project.

The loan had achieved a 100% disbursement rate as of June 30, 2017.

The borrower made principal repayments worth WST 3,854,105 between July 1, 2016 and June 30, 2017, principal repayments worth WST 3,994,767 between July 1, 2017 and June 30, 2018, principal repayments worth WST 3,968,079 between July 1, 2018 and June 30, 2019, principal repayments worth WST 4,023,195 between July 1, 2019 and June 30, 2020, and no principal repayments between July 1, 2020 and June 30, 2021.

The loan's amount outstanding was WST 58,467,742 as of June 30, 2013, WST 52,389,037 as of June 30, 2014, WST 55,141,991 as of June 30, 2015, WST 46,370,968 as of June 30, 2016, WST 40,045,924 as of June 30, 2017, WST 38,437,078 as of June 30, 2018, WST 33,563,461 as of June 30, 2019, WST 29,291,451 as of June 30, 2020 and WST 26,597,102 as of June 30, 2021.

The purpose of this project was to construct a 2,658 square meter Parliamentary Office Complex and an adjacent 11,736 square meter Courts Complex — a set of buildings and offices for the Ministry of Justice and Courts Administration (MJCA) — in the Mulinu’u neighborhood within the capital city of Apia.

More specifically, this project involved the construction of offices, judiciary chambers, and courtrooms for the Supreme Court, Land and Titles Court, and other necessary functions of the court; and a two-story building with offices and meeting rooms for members of the Parliament of Samoa.

The project also involved the installation of furniture and drainage, electricity, ventilation, fire alarm, telecommunication, and road systems. Tianjin Construction Engineering General Contracting Co., Ltd. was the contractor responsible for implementation. On July 18, 2006, it dispatched a three-member team to Samoa to conduct on-site inspections and consultations.

The project officially commenced on September 18, 2007. Then, a completion ceremony for the Parliamentary Complex was held on September 17, 2008. A completion ceremony for the MJCA office complex took place on January 25, 2010.

There are some indications that the China Eximbank loan for the Parliamentary Complex & MJCA Building Construction Project has financially underperformed vis-a-vis the original expectations of the lender.

In 2020, as part of G20's Debt Service Suspension Initiative (DSSI), China Eximbank and the Government of Samoa signed a debt suspension agreement.

Under the terms of the agreement, the lender agreed to suspend principal and interest payments due between May 1, 2020 and December 31, 2020 under multiple loan agreements, including the loan agreement for the Parliamentary Complex & MJCA Building Construction Project. The total estimated suspension amount is $21,906,085.

Then, in 2021, China Eximbank and the Government of Samoa signed another debt suspension agreement.

Under the terms of the agreement, the lender agreed to suspend principal and interest payments due in 2021 under multiple loan agreements, including the loan agreement for the Parliamentary Complex & MJCA Building Construction Project.

The total estimated suspension amount was $16,436,000 ($13,506,000 in principal payments and $2,929,000 in interest payments). The 2020 debt rescheduling is captured via Record ID#96220. The 2021 debt rescheduling is captured via Record ID#96219.