[Sino-Congolese Programme] China Eximbank provides $10 million loan for Phase 1 of Bukavu 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 $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.