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

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 $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. The project was completed on September 27, 2022.