[Sino-Congolese Programme] China Eximbank provides $5 million loan for 3.67 km Triomphale Boulevard and Sendwe Boulevard Refurbishment Project (Linked to Record ID#450 and #59654)

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 $5 million loan for the Triomphale Boulevard and Sendwe Boulevard Refurbishment Project. The loan ultimately achieved a disbursement rate of 100% ($5 million out of $5 million). The purpose of the project was to maintain a previous investment that was made by CREC (see linked Record ID#59654) to refurbish the Triomphal and Sendwe Boulevards (3.67 km in length) in Kinshasa. China Railway Engineering Corporation (CRECG) was the contractor responsible for implementation. It was awarded a $5 million contract (ID#ACGT/DG/003/2017) on July 1, 2017. The project commenced on April 7, 2017 and its originally expected completion date was 45 days late (May 22, 2017). The paving of the boulevards was completed and provisionally accepted on May 12, 2017. Additional work received provisional acceptance on January 21, 2018. The whole project was completed on May 13, 2019.