[Sino-Congolese Programme] China Eximbank provides $6.1 million loan for Phase 2 of Kalemie Stadium Construction Project (Linked to Record ID#450, #59213)

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 $6,128,606.22 million loan for the Kalemie Stadium Construction Project (Phase II). As of 2020, this loan had achieved a disbursement rate of 97% ($5,967,177.07 out of $6,128,606.22). This project involves the construction of a 26,633.49 square meter stadium with 15,000 seats that is located in the town of Kalemie in Tanganyika Province. CREC 9 — a subsidiary of China Railway Engineering Corporation (CREC) — and Société d'Infrastructures Sino-Congolaises (SISC) SA were the contractors responsible for project implementation. They awarded a $6,128,606.22 contract (ID#ACGT/DG/006/2018). The project was completed on September 21, 2022.