[Sino-Congolese Programme] China Eximbank provides $9.9 million loan for Goma Stadium 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 $9,996,332.43 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 project achieved provisional acceptance on April 4, 2020. The construction of Goma Stadium was ultimately completed on January 19, 2022. The project's official handover ceremony took place on August 20, 2023. 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.