Government receives approval for multi-million dollar Chinese loan for Port Expansion

The Government has received approval for the multi-million dollar loan from the China Exim Bank to transform the port at the Deep Water Harbour.

During a meeting this morning in the Office of the Prime Minister, the ambassador of the People’s Republic of China, HE Mr. Wang Xianmin, relayed the news to PM Browne that the loan application of US$100 million by Antigua and Barbuda for funds to transform the port has been approved by the relevant Chinese authorities.

Ambassador Wang stated that he was aware that this project was a priority for the Government; and that a lot of work was done in China between the Ministry of Foreign Affairs, the Ministry of Commerce and the Exim Bank, and now all the relevant state agencies had given their approval.

He added that after two years of hard work, an important step had now been taken and that the project would highlight the bilateral cooperation between both countries.

For his role within the process, PM Browne commended Ambassador Wang and his team for all the hard work that they had put into ensuring the success of the loan application.

He emphasized how important the loan was for the economy of Antigua and Barbuda, and he looked forward to its transformational effects.

‘This loan, at 2% over 25 years, is very hard to get in today’s international environment,’ said PM Browne, ‘ and if not for China, these kinds of concessional loans would be non-existent.’

In discussions with Ambassador Wang, the Prime Minister stated that he expected the new port, when completed, to improve Antigua and Barbuda’s economic competitiveness and t.o increase our trans-shipment potential

News Reporter

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