Completed Mixed AidData Chinese Aid

[Sino-Congolese Programme] China Eximbank provides $24.2 million loan for Esplanade Refurbishment at the People's Palace 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	Jan 01, 2009
End Date	Nov 23, 2029
Duration	7,631 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59430`

Grant Description

[Sino-Congolese Programme] China Eximbank provides $24.2 million loan for Esplanade Refurbishment at the People's Palace 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 $24,255,229.10 loan for the Esplanade Refurbishment at the People's Palace Project.

The loan ultimately achieved a disbursement rate of 100% ($24,255,299.14 out of $24,255,229.10).

The project involved the refurbishment of an esplanade at the People's Palace in Kinshasa is part of the development and modernization of public spaces in the city of Kinshasa.

Located opposite the People's Palace, the 24380 square meter Esplanade site is the public space dedicated to public ceremonies and was to be modernized in order to commemorate the 50th anniversary of the independence of the DRC on June 30, 2010.

Sinohydro and Weihai International Economic and Technical Cooperative Co., Ltd. were the contractors responsible for implementation. They were awarded a $19,655,229.10 contract on December 5, 2009. A $4,600,000 contract amendment was subsequently issued to pay for cost overruns. Construction began on December 6, 2009 and ended on June 30, 2010.

The project’s originally scheduled completion date was August 9, 2011. The project was officially completed and handed over to the Congolese authorities on August 25, 2011.

📋 Staff Comments

This project is also known as the Refurbishment of the 24,380 m2 Esplanade of the Palais du Peuple. The Chinese project title is 人民宫广场.
Some sources refer to the face value of the loan as $25,181,752.02.
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

The impact of Sicomines on development in the Democratic Republic of Congo
Mise en œuvre de la convention de collaboration entre la RDC et le Groupement d'entreprises chinoises: Défis de la transparence, de la qualité et du respect des droits humains dans la réalisation des infrastructures du projet Sicomines à Kinshasa, 630广场
图辑：中国人在非洲大兴土木
中国水电承建的刚果（金）人民宫广场1标完工
ChinaLoansToAfrica©SAIS-CARI.csv, https://foreignpolicymag.files.wordpress.com/2018/06/01911-sicomines-workingpaper-landry-v6.pdf, drc-china infrastructure status march 2011
Sicomines : un bel exemple de coopération sino-africaine
People's Palace Esplanade
People's Palace Esplanade.pdf
Esplanade
Rapport Annuel 2013
Rapport Annuel 2017
Plan du Travail
Rapport Annuel 2016
Rapport Annuel 2015
Rapport Annuel 2014 AGENCE CONGOLAISE DES GRANDS TRAVAUX, 2018 Annual Report, rapport assoupliitie
CONVENTION DE LA SINO-CONGOLAISE DES MINES : Qui perd, qui gagne entre l’Etat congolais et la Chine ? 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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