Completed Mixed AidData Chinese Aid

[Sino-Congolese Programme] China Eximbank provides $5 million loan for 3.67 km Triomphale Boulevard and Sendwe Boulevard Refurbishment Project (Linked to Record ID#450 and #59654)

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, 2008
End Date	Feb 25, 2029
Duration	7,726 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59432`

Grant Description

[Sino-Congolese Programme] China Eximbank provides $5 million loan for 3.67 km Triomphale Boulevard and Sendwe Boulevard Refurbishment 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 Triomphale Boulevard and Sendwe Boulevard Refurbishment Project.

The loan ultimately achieved a disbursement rate of 100% ($5 million out of $5 million).

The purpose of the project was to maintain a previous investment that was made by CREC (see linked Record ID#59654) to refurbish the Triomphal and Sendwe Boulevards (3.67 km in length) in Kinshasa. China Railway Engineering Corporation (CRECG) was the contractor responsible for implementation. It was awarded a $5 million contract (ID#ACGT/DG/003/2017) on July 1, 2017.

The project commenced on April 7, 2017 and its originally expected completion date was 45 days late (May 22, 2017). The paving of the boulevards was completed and provisionally accepted on May 12, 2017. Additional work received provisional acceptance on January 21, 2018. The whole project was completed on May 13, 2019.

📋 Staff Comments

The French project title is Renforcement des boulevards Sendwe et Triomphal.
This project is separate from the initial modernization of these two boulevards in 2009, which is captured via Project ID#59654.
This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.
One source identifies May 13, 2019 as the project completion date. 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

The impact of Sicomines on development in the Democratic Republic of Congo
The Sicomines agreement revisited: prudent Chinese banks and risk-taking Chinese companies
Modernisation de la Route Lutendele
Rapport Annuels 2017
Sendwe and Triomphal boulevards.pdf
Rapport Annuel 2018
Rapport Annuel 2013
Rapport Annuel 2017
When Chinese development finance met the IMF's public debt norm in DR Congo
Rapport Annuel 2012
Plan du Travail, 2018 Annual Report, 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)

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