[Sino-Congolese Programme] China Eximbank provides $7.5 million loan for Ankoro-Manono Road Rehabilitation and Modernization 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 $7.5 million loan for the Ankoro-Manono Road Rehabilitation and Modernization Project. As of 2020, the loan had achieved a disbursement rate of 57% ($4,287,363.84 out of $7,500,000). The project involved the rehabilitation and modernization of a 115 km road from Ankara to Manono. CREC 9 — a subsidiary of China Railway Engineering Corporation (CREC) — was the contractor responsible for project implementation. It was awarded a $7,500,000 contract (ID#ACGT/DG/009/2015) on August 17, 2015. Project implementation commenced on December 28, 2018. The project achieved provisional acceptance on March 10, 2023.