[Sino-Congolese Programme] China Eximbank provides $9.99 million loan for Kamina Water Collection and Treatment Unit Construction 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." One of the subsidiary loans issued as part of the 'Sino-Congolese Programme' was a $9,999,897.77 loan for the Kamina Water Collection and Treatment Unit Construction Project. As of 2020, the loan had achieved a disbursement rate of 97% ($9,740,014.49 out of $9,999,897.77). The project involves the construction of a water collection and treatment unit in Kamina, the capital city of Haut Lomami province. The plant will seek to increase water production capacity from 450 m3 of water per day to 7,000 to 10,000 m3 of water per day. CREC 8 — a subsidiary of China Railway Engineering Corporation (CREC) — is the contractor responsible for implementation. It was awarded a $9,999,897.77 contract (ID#ACGT/DG/006/2015) on August 17, 2015. Then, on April 20, 2017, construction began. The originally scheduled project completion date was December 2, 2018. However, this date was later pushed out until January 20, 2020. The project ultimately achieved provisional acceptance on January 20, 2020.