[Sino-Congolese Programme] China Eximbank provides loan for 14.5km l'Avenue de la Paix Rehabilitation and Modernization 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 loan (issued in 2009) for l'Avenue de la Paix Rehabilitation and Modernization Project. This project involves the rehabilitation and modernization of the 14.5 km Avenue de la Paix in the city of Kinshasa. Sinohydro 1 was the contractor responsible for project implementation. It was issued a $48,178,162 commercial contract on May 8, 2009; however, the loan amount provided under the Sino-Congolese Programme is unknown, and as of 2013, construction had still not begun. Subsequent reporting (most recently, 2018) by Agence Congolaise des Grands Travaux does not provide any evidence that this project ever entered implementation.