Active Mixed AidData Chinese Aid

[Sino-Congolese Programme] China Eximbank provides $5 million loan for Kitanda-Ankoro Road Rehabilitation and Modernization 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	Apr 02, 2032
Duration	6,073 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59224`

Grant Description

[Sino-Congolese Programme] China Eximbank provides $5 million loan for Kitanda-Ankoro Road Rehabilitation and Modernization 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 $5 million loan for the Kitanda-Ankoro Road Rehabilitation and Modernization Project.

As of 2020, the loan had achieved a disbursement rate of 29% ($1,430,969.75 out of $5 million). The project involves the rehabilitation of the 70 km Kitanda-Ankoro road in Tanganyika Province.

CREC 9 — a subsidiary of China Railway Engineering Corporation (CREC) — is the contractor responsible for project implementation. It was awarded a $5 million contract (ID#ACGT/DG/008/2015) on August 17, 2015. It was originally expected to start in the first quarter of 2019. Project implementation has commenced, but the precise project implementation start date is unknown.

📋 Staff Comments

The French name for this project is Projet de Réhabilitation et de Modernisation de la Route Kitanda-Ankoro (70km).
Given that the loan has achieved a disbursement rate of at least 29%, AidData has categorized this project as having entered implementation.
Given that AidData has captured the entire $3.003 billion China Eximbank loan commitment amount for multiple infrastructure projects via Project 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 Annuel 2017
Rapport Annuel 2016
Plan du Travail, 2018 Annual Report
RAPPORT_ASSOUPLI_ITIE_RDC_2018_2019_1er_Semestre_2020_Adopté
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.

All Grantees

Sino-Congolais des Mines (Sicomines SARL)

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