China Eximbank provides $64.3 million preferential buyer’s credit for N'djili Airport Runway Rehabilitation Project

Project narrative

On March 13, 2012, China Eximbank and the Government of the Democratic Republic of Congo signed a $64,347,960.83 preferential buyer’s credit (PBC) agreement [China Eximbank PBC n° (2011) 37 Total n°(188)] for the N'djili Airport Runway Rehabilitation Project. The borrowing terms of the loan included a 2% interest rate, a 20-year maturity, a 9-year grace period, and a 0.5% management fee. The loan is secured with revenues that are generated by an airport tax (called “GoPass”) and deposited in an escrow account ("compte séquestre"). The proceeds of the loan were to be used by the borrower to finance 85% of the cost of a commercial (EPC) contract between La Régie des voies aériennes (RVA) -- the air transportation board of the Democratic Republic of the Congo -- and Sinohydro Corporation Limited, which was signed on October 26, 2011. The remaining 15% of the EPC contract cost was to be financed by the RVA. On May 3, 2012, the Government of the Democratic Republic of Congo and the RVA signed an on-lending agreement. Under the terms of the agreement, RVA agreed to repay the loan with a 20-year maturity, 9-year grace period, 0.5% management fee, and 2.75% interest rate. According to Government of the DRC's Aid Management Platform (AMP), the loan had disbursed $32,522,038.32 as of July 2019. The loan's principal amount outstanding was $40,908,096 as of January 21, 2025. The project involved the refurbishing of an existing runway at the N'djili Airport that is 4,000 meters long and 60 meters wide. It also involved repairs to the airport’s navigation aid system. Sinohydro Corporation Limited was the EPC contractor responsible for project implementation. A groundbreaking ceremony took place on April 27, 2012 and the project was completed on October 3, 2012. However, as of May 2025, the completed project had not been officially accepted by the Government of the Democratic Republic of Congo.