[Sino-Congolese Programme] China Eximbank provides $5 million loan for Lomela bridge, health center, and vocational school in Sankuru Province (Linked to Project ID#450)

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 million loan to build a bridge over RN7 in Lomela as well as a health center and vocational technical school in Sankuru Province. As of 2020, the loan had achieved a 83% disbursement rate ($4,165,794.85 out of $5,000,000). The project involved the construction and modernization of a bridge in the town of Kabola, which is the administrative center of Kabalo territory within Tanganyika Province. China Railway Engineering Corporation 7th Bureau (CREC7) — a subsidiary of China Railway Engineering Corporation (CREC) — and Société d'Infrastructures Sino-Congolaises (SISC) SA are the contractor responsible for project implementation. They were awarded a $5 million contract (ID#ACGT/DG/07/2017) on August 1 2017. Construction began on December 1, 2018 and was originally expected to reach completion in December 2019.

Additional details

1. The French project title is Construction du pont Lomela et de ses composantes sociales.

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