[Sino-Congolese Programme] China Eximbank provides $5 million loan for Kitanda-Ankoro 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 $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.

Additional details

1. The French name for this project is Projet de Réhabilitation et de Modernisation de la Route Kitanda-Ankoro (70km). 2. Given that the loan has achieved a disbursement rate of at least 29%, AidData has categorized this project as having entered implementation.

Number of official sources

6

Number of total sources

9