[Sino-Congolese Programme] China Eximbank provides $10 million loan for Phase 1 of Kalemie Stadium Construction Project (Linked to Record ID#450, #85274)

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 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.