[Sino-Congolese Programme] China Eximbank provides $5.33 million loan for construction of 5km ramp connecting the Kalemie stadium to Lumumba Boulevard (Linked to Project ID#450, #59220)

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 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 $5,333,019.45 loan for the construction of a 5 km ramp connecting the Kalemie stadium to Lumumba Boulevard. As of 2020, the loan achieved a disbursement rate of 66% ($3,535,947.76 out of $5,333,019.45). CREC 9 — a subsidiary of China Railway Engineering Corporation (CREC) — is the contractor responsible for project implementation. It was awarded a $5,333,019.45 contract (ID#ACGT/DG/07/2019). The project official began construction on September 3, 2020. Asphalting for the ramp began January 28, 2021.

Additional details

1. The French project name is Construction de la bretelle reliant le stade de Kalemie au boulevard Lumumba. 2 According to the 2018 ACGT Annual Report, funding was still pending the approval by the Board of Directors of Sicomines SARL in 2018 after a request was made to reallocate funds from the Kalemie airport terminal project (see Project ID#59220) to this ramp construction project.

Number of official sources

6

Number of total sources

7