[Sino-Congolese Programme] China Eximbank provides $29.3 million loan for 6.8 km Avenue du Tourisme Rehabilitation Project (Linked to Record ID#450)

[Sino-Congolese Programme] China Eximbank provides $29.3 million loan for 6.8 km Avenue du Tourisme Rehabilitation 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.

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 $$29,344,191.97 loan for the the 6.8 km Avenue du Tourisme Rehabilitation Project.

The loan ultimately achieved a disbursement rate of 100% ($29,344,191.97 out of $24,368,749.30).

This project involved construction of a 2x1-lane carriageway, construction of the sidewalks, and construction of sanitation works (gutters) and engineering structures (bridges, culverts and nozzles) along the 6.8 km Avenue du Tourisme in Kinshasa. It was part of a broader opening up of neighborhoods and cities in the city of Kinshasa.

The Mimoza and Pompage districts were cut off from the surrounding populations.

Residents did not have easy access to the nearest shopping center, Kintambo Magasin, or to the rest of the city of Kinshasa. China Railway Engineering Corporation (CREC) was the contractor responsible for implementation. It was awarded a $24,368,749.30 contract on June 28, 2008. A $4,975,442.67 contract amendment was subsequently issued to pay for cost overruns.

Construction began on January 10, 2009 and the project was completed on February 26, 2013. The project’s originally scheduled completion date was August 30, 2011.