[Sino-Congolese Programme] China Eximbank provides funding for technical studies of Goma Stadium Rehabilitation Project (Linked to Project ID#450, #59211)

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 this line of credit are collectively referred to as the ‘Sino-Congolese Programme’. One of the subsidiary projects under the ‘Sino-Congolese Programme’ was the funding of the technical studies to assess cracks developed on the construction site of the Goma stadium project in collaboration with Goma Volcanological Observatory. The study was completed in 2017 and resulted in the request for $1,500,000 of additional funding through the Sino-Congolese Programme for treatment of the cracks. Democratic Republic of Congo Agence Congolaise des Grands Travaux (ACGT) was the implementing agency along with Observatoire Volcanologique de Goma. The nature of the financial commitment for the technical studies is unknown. The stadium was completed on January 19, 2022.

Additional details

1. The French name for this project is Etudes de diagnostic des fissures développées sur le chantier du projet du stade de Goma en collaboration avec Observatoire Volcanologique de Goma. 2. The Goma Stadium Construction Project is captured via Project ID#59211.

Number of official sources

4

Number of total sources

6