[Sino-Congolese Programme] China Eximbank provides $29.3 million loan for 6.8 km Avenue du Tourisme 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 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 all infrastructure loans approved through the 'Sino-Congolese Programme'credit. One of the subsidiary loans issued as part of the 'Sino-Congolese Programme' was a $$29,344,191.97 loan for the the 6.8 km Avenue du Tourisme Rehabilitation Project. The loan ultimately achieved a disbursement rate of 100% ($29,344,191.97 out of $24,368,749.30). This project involved construction of a 2x1-lane carriageway, construction of the sidewalks, and construction of sanitation works (gutters) and engineering structures (bridges, culverts and nozzles) along the 6.8 km Avenue du Tourisme in Kinshasa. It was part of a broader opening up of neighborhoods and cities in the city of Kinshasa. The Mimoza and Pompage districts were cut off from the surrounding populations. Residents did not have easy access to the nearest shopping center, Kintambo Magasin, or to the rest of the city of Kinshasa. China Railway Engineering Corporation (CREC) was the contractor responsible for implementation. It was awarded a $24,368,749.30 contract on June 28, 2008. A $4,975,442.67 contract amendment was subsequently issued to pay for cost overruns. Construction began on January 10, 2009 and the project was completed on February 26, 2013. The project’s originally scheduled completion date was August 30, 2011.

Additional details

1. The French name for this project is Modernisation de l'avenue Tourisme.

Number of official sources

10

Number of total sources

17