Above: Antigua and China signing the loan rescheduling (Photo: ABG)
Antigua and China have agreed on rescheduling the payment period of three interest-free loans between the two countries, the government announced today.
The loans were used for the construction of a number of facilities and infrastructure projects in the country.
The first loan was $781,983.1 used for construction of the country’s Big Creek Bridge; the new schedule means the government has until 2026.
The second was a $3.7 million loan for construction of a new Multi-Purpose Cultural Centre was initially set to be repaid by July 31 of this year, but has also been pushed back to 2026.
The final loan was for a total of $3.1 million.
The letters of agreement were signed by Antigua PM Baldwin Spencer and Chinese Ambassador Liu Hanming.
The news follows the announcement of the completion of a new 30-megawatt power plant supplied to Antigua by China in Crabbes.