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

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 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 $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. 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. CREC 8 — a subsidiary of China Railway Engineering Corporation (CREC) — was the contractor responsible for implementation. According to ACGT's 2018 Annual Report, the funds are in the process of being mobilized for this project.

Additional details

1. The French project title is Modernisation de l'Avenue Nzolana. 2. Phase 1 of this project is captured via Project ID#59229. 3. AidData assumes the commitment date is July 2016 because the contract was signed then.

Number of official sources

9

Number of total sources

11