[Sino-Congolese Programme] China Eximbank provides $5.5 million loan for Kalemie Airport Terminal Construction Project (Linked to Record ID#450, #85311)

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 $5.5 million loan for the Kalemie Airport Terminal Construction Project. This project involves the construction of an airport terminal in the city of Kalemie within Tanganyika Province. According to the 2018 ACGT Annual Report, the funding that was originally earmarked for the project was later proposed for reallocation to the ramp construction project (captured via Record ID#85311). This reallocation was still pending the approval by the Board of Directors of Sicomines SARL as of 2018.