[Sino-Congolese Programme] China Eximbank provides $2.5 million loan for Survey Coverage of Artisanal Mining Areas in Kolwezi 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 $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.