Project ID: 92059

[Sino-Congolese Programme] China Eximbank provides $2.5 million loan for Survey Coverage of Artisanal Mining Areas in Kolwezi Project (Linked to Project ID#450)

Commitment amount

$ 3811464.8048726274

Adjusted commitment amount

$ 3811464.8

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Congo (DRC)

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Level of public liability

Central government-guaranteed debt

Infrastructure

No

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2008-01-01

Geography

Description

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 $2.5 million loan for the Survey Coverage of Artisanal Mining Areas in Kolwezi Project. As of 2020, this loan had achieved a disbursement rate of 55.3% ($1,384,684.65 out of $2,500,000). The purpose of the project was to undertake surveys in the artisanal mining areas of the city of Kowezi within Lualaba Province. Société d'Infrastructures Sino-Congolaises (SISC) SA was the contractor responsible for project implementation. It was awarded a $2.5 million contract (ID#ACGT/DG/002/2018). This project reached implementation (and may have also reached completion). However, its precise implementation start and end dates are unknown.

Additional details

1. The French project title is Sondage et de couverture des zones d'exploitation artisanale a Kolwezi.

Number of official sources

3

Number of total sources

4

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Details

Cofinanced

No

Direct receiving agencies [Type]

Sino–Congolais des Mines (Sicomines SARL) [Joint Venture/Special Purpose Vehicle]

Implementing agencies [Type]

Société d'Infrastructures Sino-Congolaises (SISC) SA [State-owned Company]

Guarantee provider [Type]

Government of Democratic Republic of Congo [Government Agency]

Collateral

Profits from the investment by SICOMINES SARL in the copper and cobalt mine at Kolwezi

Loan Details

Maturity

25 years

Interest rate

3.839%

Grace period

10 years

Grant element (OECD Grant-Equiv)

42.9733%

Bilateral loan