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

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 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.