[Sino-Congolese Programme] China Eximbank provides $15 million loan for Phase 1 of Nzolana Avenue Modernization Project (Linked to Record ID#450, #59235)

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 $15 million loan for Phase 1 of the Nzolana Avenue Modernization Project. The loan ultimately achieved a disbursement rate of 100% ($15 million out of $15 million). The purpose of the project was to modernize Nzolana Avenue in Kinshasa. It also involved the construction of a bridge over the Mayi ya Mbinza River. This project is part of a larger program to build a peripheral road that will form a loop all around the city of Kinshasa, connecting Kintambo Magasin, Pompage, UPN, Kimwenza Gare, and Ndjili Airport. Phase 1 involved the modernization of an 11 km stretch along Avenue Nzolana in Kinshasa. CREC 8 — a subsidiary of China Railway Engineering Corporation (CREC) — was the contractor responsible for implementation. Construction began on September 19, 2016 and Phase 1 was provisionally completed on December 23, 2017, although it wasn't officially accepted until December 24, 2018. The project’s originally scheduled completion date was December 24, 2017.