[Sino-Congolese Programme] China Eximbank provides $10 million loan for Phase 1 of Kalemie Stadium Construction Project (Linked to Project ID#450, #85274)
Commitment amount
$ 11222755.695789525
Adjusted commitment amount
$ 11222755.7
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Congo (DRC)
Sector
Other social infrastructure and services (Code: 160)
Flow type
Loan
Level of public liability
Central government-guaranteed debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
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 Kalemie Stadium Construction Project (Phase 1). The loan ultimately achieved a disbursement rate of 97% ($9,737,829.14 out of $10,000,000). The project involves the construction of a 26,633.49 square meter stadium with 15,000 seats that is located in the town of Kalemie in Tanganyika Province. CREC 9 — a subsidiary of China Railway Engineering Corporation (CREC) — is the contractor responsible for project implementation. It was awarded a $10,000,000 contract (ID#ACGT/DG/007/2015) on August 17, 2015. The official project start date was June 24, 2016, but the actual project start date was August 10, 2016. Phase 1 was completed on October 27, 2020.
Additional details
1. The French project title is Projet de Construction d’un Nouveau Stade à Kalemie. 2. Phase 2 of the Kalemie Stadium Construction Project was also funded via the Sino-Congolese Programme and is captured via Project ID#85274.
Number of official sources
10
Number of total sources
15
Details
Cofinanced
No
Direct receiving agencies [Type]
Sino–Congolais des Mines (Sicomines SARL) [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
Government of Democratic Republic of Congo [Government Agency]
China Railway Group Limited (CREC) [State-owned Company]
Guarantee provider [Type]
Government of Democratic Republic of Congo [Government Agency]
Collateral provider [Type]
Sino–Congolais des Mines (Sicomines SARL) [Joint Venture/Special Purpose Vehicle]
Collateral
Profits from the investment by SICOMINES SARL in the copper and cobalt mine at Kolwezi
Loan Details
Maturity
25 years
Interest rate
3.839%
Grace period
10 years
Grant element (OECD Grant-Equiv)
42.9733%