China Eximbank provides RMB 720 million government concessional loan for Multinational Rwanda-Burundi Road Project

Project narrative

On December 27, 2012, the Government of Rwanda passed a law authorizing an RMB 720 million ($113,409,230.63) China Eximbank government concessional loan (GCL) agreement that was signed in China on July 20, 2012. The terms of the loan are as follows: a 1.5 percent interest rate, a 20 year maturity, and a 7 year grace period. The total value of the project is $320 million, with the remainder of the funding coming through loans from the African Development Bank and Arab Development Bank. China Road and Bridge Corporation (CRBC) is responsible for implementing the project with the Canadian firm CIMA overseeing construction. The entire Kivu Belt road will cover 185 km; the China Eximbank loan will cover two sections (Lot 4 and Lot 5) of the Kivu Belt Road Project (also known as the Multinational Rwanda-Burundi Road Project) -- one 24.km stretch connecting Mwityazo of Nyamasheke district with Ruvumbu of Karongi district and another 41.6 km stretch connecting Ruvumbu to Kibuye. Construction began on July 29, 2013, and it was completed on April 30, 2016.