[Sino-Congolese Programme] China Eximbank provides $114.9 million loan for 50th Anniversary Hospital Construction 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’. 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.

Additional details

1. This project is also known as the Hôpital du Cinquantenaire or the Central Hospital in Kinshasa. The Chinese project title is 刚果（金）金沙萨中心医院 or 刚果（金）金沙萨50周年医院. 2. One source identifies the project completion date as May 4, 2015. This issue warrants further investigation.

Number of official sources

14

Number of total sources

20