[Sino-Congolese Programme] China Eximbank provides $23.9 million loan for Phase 2 of Nzolana Avenue Modernization Project (Linked to Record ID#450, #59229)

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 $23,986,953.49 loan for Phase 2 of the Nzolana Avenue Modernization Project. The purpose of the project was to modernize Nzolana Avenue in Kinshasa by rehabilitating a 7.117 km road segment between Avenue de la Libération de Kinshasa and Route Lutendele. The road segment connects the Kinsuka, UPN, Malueka and Sangamamba districts. Phase 2 also involved the construction of a bridge over the Mayi ya Mbinza River. This project was part of a larger program to build a peripheral road that forms a loop all around the city of Kinshasa, connecting Kintambo Magasin, Pompage, UPN, Kimwenza Gare, and Ndjili Airport. CREC 8 — a subsidiary of China Railway Engineering Corporation (CREC) — and La Société d'infrastructures sino-congolaise (SISC S.A.) were the contractors responsible for implementation. Construction began on October 19, 2022. The project was originally expected to reach completion on May 21, 2024. However, it was ultimately completed ahead of schedule -- on November 14, 2023. The project was provisionally accepted by the Congolese authorities on May 22, 2024.