[Sino-Congolese Programme] China Eximbank provides $10 million loan for Bukavu 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 $10 million loan for the Bukavu Stadium Construction Project. The loan ultimately achieved a disbursement rate of 83% ($8,255,714.55 out of $10,000,000). The project involves the construction of a 14,633.44 square meter stadium with 10,000 seats that is located in the city of Bukavu in South Kivu Province. Sinohydro is the contractor responsible for project implementation. It was awarded a $10 million contract (ID#ACGT/DG/020/2015) on August 17, 2015. Construction began on November 28, 2017. The expected project completion date was November 27, 2018. As of 2021, construction of the stadium had reached a 75% completion rate. However, it is not clear if or when this project was completed.

Additional details

1. The French project title is Construction du stade de Bukavu (10.000 places). 2. One source indicates that an additional budget of $4,154,086.98 was requested for earthworks. It is unclear if this request was fulfilled and whether it increased Sicomines SARL’s repayment obligations to China Eximbank. This issue warrants further investigation.

Number of official sources

9

Number of total sources

13