[Sino-Congolese Programme] China Eximbank provides $7.4 million loan for Prefabricated Housing Production Plant 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 the 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’. One of the subsidiary loans issued (as part of the “Sino-Congolese Programme” was a $7,492,260 loan for a Prefabricated Housing Production Plant Project in Kisangani. The loan ultimately achieved a disbursement rate of 100% ($7,492,260 out of $7,492,260). This project involved the construction of a 14,400 square meter prefabricated housing production plant in Kisangani, which is the capital city of Tshopo Province. Upon completion, it was expected that the plant would construct 360 prefabricated houses. This project was part of a broader effort to reduce the housing deficit in the DRC. China Railway Engineering Corporation (CREC) and Schnell Group were the contractors responsible for project implementation. They were awarded a $7,492,260 contract (ID#ACGT/DG/006/2011) on July 14, 2011 Construction began on October 1, 2013 and ended in October 2014. Final project acceptance took place on April 7, 2018. The project’s originally scheduled completion date was May 7, 2015.

Additional details

1. The French project title is Implantation de l’usine des préfabriqués à Kisangani or Installation d'une unité des préfabriqués. 2. It is unclear when the loan agreement was signed, so the commitment year is assumed to be the same as construction contract signing year. 3. The donation of $6.5 million USD-worth generators captured in Project ID#59443 are most likely the two generators of 630 KVA each, which were installed in 2015 to compensate for the lack of electricity in the factory.

Number of official sources

9

Number of total sources

13