[Sino-Congolese Programme] China Eximbank provides $8.9 loan for Manono Road Rehabilitation and Modernization 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 $8,986,554.20 loan for the Manono Road Rehabilitation and Modernization Project. As of 2020, the loan had achieved a disbursement rate of 87.6%. This project involves the rehabilitation and modernization of a 3.84 km road network in the town of Manono within Tanganyika Province. CREC 9 — a subsidiary of China Railway Engineering Corporation (CREC) — is the contractor responsible for project implementation. It was awarded a $5 million contract (ID#ACGT/DG/005/2015) on August 17, 2015. The contract was subsequently amended to include $521,585.97 for the Route municipal Line Z (.256 km), $745,226.61 for the Route municipal Line 5 (.4 km), $973,651.14 for the Route municipal Line D (.38 km), $461,956.95 for the Route municipal Line C (.28 km), $1,187,384.24 for the Route municipal Line A (.865 km), and $96,749.29 for the Route municipal Line L (.927 km). Then, on October 10, 2018, construction began.

Additional details

1. The French name of this project is Projet de Réhabilitation et de Modernisation de la Voirie de Manono.

Number of official sources

6

Number of total sources

9