[Sino-Congolese Programme] China Eximbank provides $22 million loan for 6626 Solar Street Lights Project (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 $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.