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

In 2008, the Export-Import Bank of China 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 all 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 $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 project ID#59429.

Additional details

1. The French project title is Modernisation du Boulevard du 30 juin: Boucle de la Gare centrale.

Number of official sources

7

Number of total sources

10