[Sino-Congolese Programme] China Eximbank provides $22 million loan for 6626 Solar Street Lights Project (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 $11,000,000 loan for the 6626 Solar Street Lights Acquisition Project. As of 2020, this loan had achieved a disbursement rate of 94% ($10,340,000 out of $11,000,000). The purpose of the project was to acquire 6626 solar street lights (or “solar poles”) for installation in Kinshasa. AFTRITEC was the contractor responsible for project implementation. It was awarded a $11 million contract (ID#ACGT/DG/004/2011) on July 8, 2011. This project reached at least the implementation phase (and possibly completion. However, its precise implementation start and end dates are unknown.

Additional details

1. The French project title is Fournitures des 6626 poteaux solaires or Acquisition de 6.626 poteaux solaires or Acquisition de 6626 poteaux solaires. 2. This project should not be confused with another Solar Street Light Acquisition and Installation Project (captured via China Eximbank-financed Project ID#59217). 3. This project was financed through Phase 2 of the China Eximbank infrastructure loan. Phase 2 took place between June 2010 and in August 2012. Therefore, AidData has used these dates to approximate the project’s implementation start and end dates for the time being. This issue warrants further investigation.

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