[Sino-Congolese Programme] China Eximbank provides $114.9 million loan for 50th Anniversary Hospital Construction 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 $114,901,200 loan for the 50th Anniversary Hospital Construction Project. The loan ultimately achieved a disbursement rate of 99.9% ($114,879,516.42 out of $114,901,200). The project involved the construction of a 450 bed hospital called the 50th Anniversary Hospital (Hôpital du Cinquantenaire). Sinohydro was the contractor responsible for project implementation. It was awarded a $95,873,557.77 contract on June 28, 2008. A $19,027,642.23 contract amendment was subsequently issued to pay for cost overruns. Construction began on May 2, 2009 and ended on March 24, 2014. The hospital was officially handed over to the authorities on August 27, 2014. The project’s originally scheduled completion date was December 5, 2012.