[Sino-Congolese Programme] China Eximbank pledges to provide loan for Kisangani International Airport Modernization Project (Linked to Record ID#450)

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." A report from the Office for Coordination and Monitoring of the Sino-Congolese Program (BCPSC) stated that the modernization of the Bangoka Terminal at Kisangani Airport had pledged financing via the Sino-Congolese Program. However, this project was not reported by any subsequent reporting by Agence Congolaise des Grands Travaux (ACGT) on the Sino-Congolese Program. On June 8, 2018, Weihai International Economic & Technical Cooperative Co., Ltd (WIETC) reported that it had started implementing this project. According to a report in 2022, the Congolese government has signed an agreement with the Chinese company SZTC to renovate the terminal at Kisangani Bangoka International Airport, located in the center-east of the country. The schedule set for the completion of the work is 7 months, and the company has already obtained an envelope of USD 2.7 million from the government. In addition to the work on the terminal, the overall upgrade plan, which receives USD 11 million in funding from the AfDB, also provides for the development of the runway, tarmac, traffic lanes and lighting. Therefore, it appears that no Chinese institutions contributed resources.