Completed Mixed AidData Chinese Aid

[Sino-Congolese Programme] China Eximbank provides $7.5 million loan for Ankoro-Manono 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	Jan 11, 2031
Duration	5,626 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59243`

Grant Description

[Sino-Congolese Programme] China Eximbank provides $7.5 million loan for Ankoro-Manono 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 $7.5 million loan for the Ankoro-Manono Road Rehabilitation and Modernization Project.

As of 2020, the loan had achieved a disbursement rate of 57% ($4,287,363.84 out of $7,500,000). The project involved the rehabilitation and modernization of a 115 km road from Ankara to Manono.

CREC 9 — a subsidiary of China Railway Engineering Corporation (CREC) — was the contractor responsible for project implementation. It was awarded a $7,500,000 contract (ID#ACGT/DG/009/2015) on August 17, 2015. Project implementation commenced on December 28, 2018. The project achieved provisional acceptance on March 10, 2023.

📋 Staff Comments

According to one source (ACGT's 2018 Annual Report), the total cost of this project was $7.5 million, of which the Government of the Democratic Republic of Congo provided $2.5 million of counterpart funding. 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 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, 2018 Annual Report
RDC : la 'SICOMINES S.A' a affecté plus d'1 milliard USD de 2008 à 2021 dans les réalisations d'infrastructures, 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
RDC - Contrat chinois : Un centre de recherche dénombre 40 infrastructures réalisées mais surfacturées à 824 millions $ 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)

Interested in applying for this grant?

Complete our application form to express your interest and we'll guide you through the process.

Apply for This Grant