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

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”. The Government of Democratic Republic of Congo issued a sovereign guarantee for infrastructure loans approved through the "Sino-Congolese Programme" line of credit. 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). This project reached the implementation stage and may have been completed. However, its precise implementation start and end dates are unknown.

Additional details

1. The French project title is Projet de Construction d’un Nouveau Stade à Kalemie. 2. Phase 1 of the Kalemie Stadium Construction Project was also funded via the Sino-Congolese Programme and is captured via Project ID#59213.

Number of official sources

9

Number of total sources

13