[Sino-Congolese Programme] China Eximbank provides $6 million loan for Kolwezi Road Rehabilitation and Modernization Project. (linked to #450)

In 2008, China Eximbank issued a $3 billion line of credit to Sino–Congolais des Mines (Sicomines SARL) — a joint venture — to finance infrastructure projects in the DRC (see Project ID#450). All borrowings through this line of credit (framework agreement) are repaid with revenues from mining projects managed by Sicomines SARL. Each subsidiary loan issued through the line of credit carries a maturity of 25 years and an interest rate of 6-month LIBOR plus a 1% margin (or 3.839% at the time of the agreement). The infrastructure projects that are supported by this line of credit are collectively referred to as the “Sino-Congolese Programme”. The Government of Democratic Republic of Congo issued a sovereign guarantee for infrastructure loans approved through the "Sino-Congolese Programme" line of credit. One of the subsidiary loans issued as part of the “Sino-Congolese Programme” was a $6 million loan for the Kolwezi Road Rehabilitation and Modernization Project. The purpose of this project was to rehabilitate 5 km of roads in the city of Kolwezi and the province of Lualaba. It involved the rehabilitation of Line B (4.073 km) and Line C / Avenue Kazembe (584 km); rehabilitation of a school and a basketball court; construction of a market for agricultural products; development of a football field and updating of power supply equipment in Kapata district; and rehabilitation works in and Harmonie district. China Railway Engineering Corporation (CREC) was the contractor responsible for project implementation. Construction began on September 3, 2016 and ended in December 2017.

Additional details

1. The French project title is Réhabilitation et Modernisation de la Voirie de Kolwezi.

Number of official sources

7

Number of total sources

11