[Sino-Congolese Programme] China Eximbank provides $19.3 million loan for Boulevard 30 Juin Construction (Lot 2) Project (Linked to Project ID#450, #59429)

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 the 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 $19,341,204.19 loan for Boulevard 30 Juin Construction (Lot 2) Project. The loan ultimately achieved a disbursement rate of 97.4% ($18,856,314.75 out of $19,341,204.19) The purpose of the Boulevard 30 Juin Construction (Lot 2) Project was to improve traffic flow and conditions on the 2.5km stretch of Boulevard du 30 Juin between Central Station and Kintambo Magasin. China Railway Engineering Corporation (CREC) was the contractor responsible for implementation. It was awarded a contract (ID#ACGT/DG/DT/2/2004/2009) on December 9, 2009. Construction began on February 8, 2011 and ended on July 23, 2014. The project’s originally scheduled completion date was January 25, 2013.

Additional details

1. The French project title is Travaux sur le boulevard du 30 juin lot 2. The Chinese project title is 630大道二期项目. 3. The Boulevard 30 Juin Construction (Lot 1) Project is captured via Project ID#59429.

Number of official sources

10

Number of total sources

16