[Sino-Congolese Programme] China Eximbank provides $1.9 million loan for the 0.5 km Central Station Loop Project (Linked to Record ID#450 and #59429)

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 $1,932,876 loan for the refurbishment of the 0.5 km Central Station Loop (French: Boucle de la Gare centrale) as part of the Boulevard 30 Juin Construction (Lot 1) Project. China Railway Engineering Corporation (CREC) was the contractor responsible for implementation. Construction began on the loop began on December 27, 2010 and had a planned work period of 3 months (planned end date: March 27, 2011). The project was effectively completed on its provisional acceptance on March 27, 2011. All work by CREC on the Boulevard du 30 Juin was completed by July 29, 2014. The Boulevard 30 Juin Construction (Lot 1) Project, which aimed to improve traffic flow and conditions along the 5.32 km stretch of Boulevard du 30 Juin between Central Station and Socimat occurred simultaneously to this project and is captured by linked Record ID#59429.