THE contract for the US$40-million loan agreement between the Bahamian government and China for the financing of two infrastructural projects to take place in Abaco has been duly signed and official. The agreement was signed on Thursday, January 5, by the Chinese Ambassador to the Bahamas and the country’s Minister of Foreign Affairs, Brent Symonette.

The loan will be used to finance the construction of the North Abaco Port and Little Abaco Bridge, which will be executed by the China Harbour Engineering Company Ltd (CHEC) which was appointed by the Bahamian Ministry of Public Works and Transport.

Symonette lauded the project for its significance environmentally and for its contribution to a continuous amicable relationship between the two countries.

“By implementing the bridge,” Symonette said, “the environmental damage created by the causeway will be restored, allowing natural tidal flows and fish migration. We are appreciative of the high level of economic cooperation which exists between our two countries. This cooperation is undergirded by ever-strengthening cultural and educational exchanges, and commercial and investment undertakings.”

Minister Symonette was enthusiastic about this venture and expressed: “We look forward to the future as both our countries continue to strive to enhance the quality of life to our respective citizens.”

The sum granted the Bahamas by the Chinese now stands at US$109 million.

The North Abaco project will see the construction of a port covering a total of 45 acres, which will house both international and domestic cargo upon completion. The port will also contain a marina with fuelling facilities, boat maintenance facilities and office spaces for rental. Also set in the planning of the new infrastructure is space for administrative offices for Immigration and Customs as well as the Royal Bahamas Police Force and the Royal Bahamas Defence Force. The second project is the building of a bridge on the SC Bottle Highway, which will link Great Abaco to Little islands replacing the now existent Angel Fish Creek causeway.

A release fron CHEC read: “China Harbour is pleased to be the contractors of both projects that will help to improve the livelihood of Bahamians and successes of the Bahamas as a nation. This port will provide a more convenient location for boat repairs and maintenance for boat owners within the Caribbean as these facilities will be in closer proximity that the facilities often used in Florida.”

Foreign Affairs Minister Brent Symonette said the loan would stand at an interest rate of two per cent yearly, to be paid in 20 years.