[Sino-Congolese Programme] China Eximbank provides $15 million loan for Phase 1 of Mbuji Mayi-Mwene Ditu Paved Road Rehabilitation 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 $15 million loan for Phase 1 of the Mbuji Mayi-Mwene Ditu Paved Road Rehabilitation Project. The loan ultimately achieved a disbursement rate of 100% ($15 million out of $15 million). The 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 provisionally accepted on November 27, 2018. It was officially completed on August 12, 2019. The project’s originally scheduled completion date was November 27, 2018.