diff --git a/src/build/project.jam b/src/build/project.jam
index beb6543ac..251cfb5ce 100644
--- a/src/build/project.jam
+++ b/src/build/project.jam
@@ -50,15 +50,15 @@ import sequence ;
 #
 rule load ( jamfile-location )
 {
-    if --debug-loading in [ modules.peek : ARGV ]
-    {
-        ECHO "Loading Jamfile at" '$(jamfile-location)' ;
-    }
-
     local module-name = [ module-name $(jamfile-location) ] ;
     # If Jamfile is already loaded, do not try again.
     if ! $(module-name) in $(.jamfile-modules)
     {
+        if --debug-loading in [ modules.peek : ARGV ]
+        {
+            ECHO "[$(fufu)] Loading Jamfile at" '$(jamfile-location)' ;
+        }
+
         load-jamfile $(jamfile-location) : $(module-name) ;
 
         # We want to make sure that child project are loaded only after parent
diff --git a/src/build/project.py b/src/build/project.py
index 7d2bea139..7aa483fde 100644
--- a/src/build/project.py
+++ b/src/build/project.py
@@ -131,14 +131,13 @@ class ProjectRegistry:
         absolute = os.path.normpath(absolute)
         jamfile_location = b2.util.path.relpath(os.getcwd(), absolute)
 
-        if "--debug-loading" in self.manager.argv():
-            print "Loading Jamfile at '%s'" % jamfile_location
-
-
         mname = self.module_name(jamfile_location)
         # If Jamfile is already loaded, do not try again.
         if not mname in self.jamfile_modules:
 
+            if "--debug-loading" in self.manager.argv():
+                print "Loading Jamfile at '%s'" % jamfile_location
+
             self.load_jamfile(jamfile_location, mname)
 
             # We want to make sure that child project are loaded only