[Sino-Congolese Programme] China Eximbank provides $9.9 million loan for Goma Stadium Construction Project (Linked to Project ID#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, 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). 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 all 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 $9,996,332.43 loan for the Goma Stadium Construction Project. The loan ultimately achieved a disbursement rate of 88% ($8,835,791.80 out of $9,996,332.43). The project involves the construction of a stadium that is located in the city of Goma in North Kivu Province. Sinohydro 2 — a subsidiary of Sinohydro — is the contractor responsible for project implementation. It was awarded a $9,996,332.43 contract (ID#ACGT/DG/015/2015) on August 17, 2015. Then, on May 25, 2017, construction began. The Goma Stadium was completed on January 19, 2022. An additional budget of $1,500,000 was requested in 2017 for the treatment of cracks observed on the site, in accordance with the recommendations of the Volcanological Observatory of Goma, and to cover the expropriations envisaged for the extension of the stadium.

Additional details

1. The French project title is Projet du Stade de Goma.

Number of official sources

9

Number of total sources

14