[Sino-Congolese Programme] China Eximbank provides $26.8 million loan for Phase 2 of Kalemie Road Rehabilitation and Modernization Project (Linked to Record ID#450, #59214)

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 $26,871,393.78 loan for Phase 2 of the Kalemie Road Rehabilitation and Modernization Project. The loan ultimately achieved a disbursement rate of 95% ($25,523,658.51 out of $26,871,393.78). Phase 2 involves the rehabilitation and modernization of roads in Kalemie (including Lumumba Boulevard) in Tanganyika Province — specifically, the PK4 + 600 to PK12 + 167 stretch of road. CREC 7, CREC 8, and CREC 9 — subsidiaries of China Railway Engineering Corporation (CREC) — and Société d'Infrastructures Sino-Congolaises (SISC) SA were the contractors responsible for implementation for both phases. They were awarded a $26,871,393.78 contract (ID#AACGT/DG/004/2018) on August 17, 2015. Phase 2 commenced on June 1, 2018. it achieved provisional acceptance on December 18, 2020. It was officially completed on September 26, 2022.