[Sino-Congolese Programme] China Eximbank provides $5 million loan for Kitanda-Ankoro Road Rehabilitation and Modernization 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 $5 million loan for the Kitanda-Ankoro Road Rehabilitation and Modernization Project. As of 2020, the loan had achieved a disbursement rate of 29% ($1,430,969.75 out of $5 million). The project involves the rehabilitation of the 70 km Kitanda-Ankoro road in 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/008/2015) on August 17, 2015. It was originally expected to start in the first quarter of 2019. Project implementation has commenced, but the precise project implementation start date is unknown.