ST. JOHN'S, Antigua - March 23, 2010…Antigua and Barbuda and the People's Republic of China have signed two Economic and Technical Cooperation agreements paving the way for the completion of a number of infrastructural projects around the country.

Prime Minister the Hon. W. Baldwin Spencer and Chinese Ambassador to Antigua and Barbuda His Excellency Chen Ligang signed the two agreements totaling 50 million Renminbi Yuan (approximately 7.5 million US dollars).

According to Antigua and Barbuda's Ambassador to the People's Republic of China David Shoul, the first agreement for 20 million Yuan is in the form of an interest free loan to be used within five years from January 1, 2010 to December 31, 2010. He noted that the second agreement for 50 million Yuan is in the form of a grant.

"The monies will be utalised by the Government of Antigua and Barbuda to continue the infrastructural projects being carried out by the Chinese Construction teams to include the Island Wide Street Lighting Project, the Grays Farm Reservoir, the Barbuda Social Centre and the Grays Green Gutter Renovation and any additional projects identified by the Government," noted Ambassador Shoul.

Prime Minister Spencer stated that his Government is once again gratified by the level of cooperation that Antigua and Barbuda has been receiving from the Government of the People's Republic of China. "China has proven time and time again that it is a true friend of Antigua and Barbuda and is prepared to assist us as we develop this country. For this we are eternally grateful," noted Prime Minister Spencer.

The Government of Antigua and Barbuda is due to commence payment on the 20 million Yuan interest free loan in installments within ten years from the 1st of January 2020 to 31st December 2029.