[Sino-Congolese Programme] China Eximbank provides $24.1 million loan for Boulevard 30 Juin Construction (Lot 1) Project (Linked to Record ID#450, #59427, and #85286)

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 $24,118,559.82 loan for Boulevard 30 Juin Construction (Lot 1) Project. The purpose of the project was to improve traffic flow and conditions along the 5.32 km stretch of Boulevard du 30 Juin between Central Station and Socimat. China Railway Engineering Corporation (CREC) was the contractor responsible for implementation. Construction began on January 1, 2010, with a planned project duration of 18 months and an expected completion date in September 2011. The project was ultimately completed on July 29, 2014.