PM says loan to China for power plant repaid

ST JOHN’S, Antigua, CMC – A delegation from the China EXIM Bank has arrived here for talks with government as Prime Minister Baldwin Spencer said his administration had repaid the funds borrowed to purchase the power plant at Crabbes.
“We are delighted that we have been able to close this loan agreement with the China EXIM Bank that was entered into by the former administration some 15 years ago.  Last month we made the final payment of 2.2 million RMB (One Chinese dollar = US$0.16 cents) on the loan,” said Prime Minister Spencer.
“By closing this loan arrangement, which we renegotiated from an interest rate of four per cent to 2 per cent since coming into office, is a commitment by the administration to honour those huge debts which were left by the former administration and to stay current on payments with those we have entered into.