[Sino-Congolese Programme] China Eximbank provides $15 million loan for 55 km Mbuji Mayi-Mwene Ditu Paved Road Rehabilitation Project (Linked to Project ID#450)

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 $15 million loan for the 55 km Mbuji Mayi-Mwene Ditu Paved Road Rehabilitation Project. The loan ultimately achieved a disbursement rate of 100% ($15 million out of $15 million). This project involved the rehabilitation of a 155 km road between Mbuji Mayi and Mwene Ditu in Kasai Oriental and Lomami Provinces. CREC 8 — a subsidiary of China Railway Engineering Corporation (CREC) — was the contractor responsible for project implementation. It was awarded a contract (ID#ACGT/DG/002/2015) on August 17, 2015. Then, on October 18, 2016, construction began. This project was completed and provisionally accepted on November 27, 2018. The project’s originally scheduled completion date was November 27, 2018.

Additional details

1. This project is different from the one recorded in Project ID#59079. 2. The French project title is Réhabilitation de la Route revêtue Mbuji Mayi-Mwene Ditu (135 km).

Number of official sources

10

Number of total sources

12