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Guyana still to secure Chinese Loan for Airport Expansion

Jun 17, 2012 News

 

 

The Guyana Government, seven months after inking a contract with China Harbour Engineering Company (CHEC) is still to secure the US$141M soft loan from China Exim Bank.
That loan forms a substantial part of the funding for the expansion of the Cheddi Jagan International Airport (CJIA) Expansion project
Former President Bharrat Jagdeo had indicated to the local media that the contractor selected for the project was selected as a condition of the Chinese Loan from Exim Bank.
Former President Bharrat Jagdeo had said, “You have to get a Chinese company to do the project to secure the soft loan.”
He told media operatives, “We had a few Chinese companies that gave conceptual work and this one was thought to be the best and so that is why it was selected.”
Jagdeo said that the government will work with the company but pointed out that the project will “only become a reality if we secure the soft loan from Exim Bank in China.”
Guyana’s Parliament has already approved the US$5M coming from its coffers as equity on the project.
According to the contract inked between the Public Works Ministry and the CHEC, 21 days after the advance payment would have been made to the Chinese Contractor the commencement date for works would be effected.
This too has not been made and efforts to contact the relevant authorities proved futile.
The future of this project is at present unclear as the most recent pronouncement from the officialdom focused on a review of the project.
That review has been urged in light of the recent barring of the Chinese Company by the World Bank.
The CJIA Project along with initial peripheral works has been pegged at US$162M ($32.4B).
This is some US$19M more than the price quoted by Former President Bharrat Jagdeo, who said that the project will cost some US$143M.
Jagdeo has said that the funding would come in the form of a Chinese Concessionary Loan of US$138M that the Government had applied for and Guyana will have to plug another US$5M.

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