Active Mixed AidData Chinese Aid

[Sino-Congolese Programme] China Eximbank provides $10 million loan for Phase 1 of Bukavu Stadium Construction Project (Linked to Record ID#450)

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Sino-Congolais des Mines (Sicomines SARL)
Country	Democratic Republic of the Congo
Start Date	Aug 17, 2015
End Date	May 09, 2030
Duration	5,379 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59212`

Grant Description

[Sino-Congolese Programme] China Eximbank provides $10 million loan for Phase 1 of Bukavu Stadium Construction Project 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.

📋 Loan / Grant Terms

💰 Loan Amountcarried a maturity of 25 years

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 $10 million loan for the Bukavu Stadium Construction Project. The loan ultimately achieved a disbursement rate of 83% ($8,255,714.55 out of $10,000,000).

The project involves the construction of a 14,633.44 square meter stadium with 10,000 seats that is located in the city of Bukavu in South Kivu Province. Sinohydro is the contractor responsible for project implementation. It was awarded a $10 million contract (ID#ACGT/DG/020/2015) on August 17, 2015.

Construction began on November 28, 2017. The expected project completion date was November 27, 2018. As of 2021, construction of the stadium had reached a 75% completion rate. However, it is not clear if or when this project was completed.

📋 Staff Comments

The French project title is Construction du stade de Bukavu (10.000 places).
One source indicates that an additional budget of $4,154,086.98 was requested for earthworks. It is unclear if this request was fulfilled and whether it increased Sicomines SARL’s repayment obligations to China Eximbank. This issue warrants further investigation.
Given that AidData has captured the entire $3.003 billion China Eximbank loan commitment amount for multiple infrastructure projects via Record ID#450, it does not record a financial commitment (transaction) amount for the subsidiary loan supporting this project to avoid double-counting.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

Rapport Annuel 2015
Rapport Annuels 2017
Construction du stade de Bukavu
Construction of Bukavu stadium
Rapport Annuel 2017
Rapport Annuel 2016
Plan du Travail, 2018 Annual Report
South Kivu: the construction project of the Bukavu stadium in Nyantende is at 75% of its execution (ACGT), rapport assoupliitie
CONVENTION DE LA SINO-CONGOLAISE DES MINES : Qui perd, qui gagne entre l’Etat congolais et la Chine ?
Etude d’évaluation de la mise en œuvre de la convention de collaboration relative au développement d’un projet minier et d’un projet d’infrastructures en RD Congo Projet SICOMINES Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.