[Sino-Congolese Programme] China Eximbank provides $7.4 million loan for Prefabricated Housing Production Plant 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 $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). The 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.