[Sino-Congolese Programme] China Eximbank provides $10 million loan for 100 km Bunagana-Rutshuru-Goma Road Rehabilitation and 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." One of the subsidiary loans issued as part of the 'Sino-Congolese Programme' was a $10 million loan for the 100 km Bunagana-Rutshuru-Goma Road Rehabilitation and Modernization Project. The loan ultimately achieved a disbursement rate of 100% ($10 million out of $10 million) This project involved the rehabilitation of the 100 km Bunagana-Rutshuru-Goma section of the National Road (RN2) in North Kivu Province. Sinohydro 13 — a subsidiary of Sinohydro — was the contractor responsible for project implementation. It was awarded a $10 million contract (ID#ACGT/DG/014/2015) on August 17, 2015. Construction began on November 5, 2016, and the project was officially completed and handed over to the Congolese authorities on July 18, 2019. The project’s originally scheduled completion date was April 18, 2018.