[Sino-Congolese Programme] China Eximbank provides loan for Phase 2 of Bukavu Stadium Construction Project (Linked to Record ID#450, 59212)

Project narrative

In 2008, China Eximbank issued a $3.003 billion general buyer's credit loan to Sino–Congolais des Mines (Sicomines SARL) — a joint venture — to finance infrastructure projects in the DRC (as captured via Record ID#450). All subsidiary borrowings under the (government-guaranteed) general buyer's credit loan agreement were to be repaid with revenues from mining projects managed by Sicomines SARL. Each subsidiary loan carried a maturity of 25 years, a grace period of 10 years, and an interest rate of 6-month LIBOR plus a 1% margin (or 3.839% at the time of the agreement). All infrastructure projects supported through the general buyer's credit loan were part of the so-called ‘Sino-Congolese Programme.’ One of the subsidiary loans issued as part of the 'Sino-Congolese Programme' was a loan for Phase 2 of the Bukavu Stadium Construction Project. The purpose of phase 2 is to install plumbing, seating, and a synthetic lawn in the 10,000-seat Bukavu stadium in the town of Nyantende within Kabare territory. Sinohydro Corporation Limited is the contractor responsible for implementation (through a commercial contract worth $13,654,086.98) and its work is being supervised by Agence Congolaise des Grands Travaux (ACGT). Construction commenced on July 22, 2023. The project had achieved a 95% completion rate by January 2024.