[Sino-Congolese Programme] China Eximbank provides $5.18 million loan for Lomela bridge, health center, and vocational school in Sankuru Province (Linked to Record ID#450)

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 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 $5,187,773.93 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. Construction of the bridge component of the project was completed on or about April 21, 2020. The entire project's final acceptance was on August 19, 2022.