Active Mixed AidData Chinese Aid

[Sino-Congolese Programme] China Eximbank provides loan for 14.5km l'Avenue de la Paix 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	May 08, 2009
End Date	Oct 09, 2032
Duration	8,555 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59484`

Grant Description

[Sino-Congolese Programme] China Eximbank provides loan for 14.5km l'Avenue de la Paix 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 loan (issued in 2009) for l'Avenue de la Paix Rehabilitation and Modernization Project.

This project involves the rehabilitation and modernization of the 14.5 km Avenue de la Paix in the city of Kinshasa. Sinohydro 1 was the contractor responsible for project implementation.

It was issued a $48,178,162 commercial contract on May 8, 2009; however, the loan amount provided under the Sino-Congolese Programme is unknown, and as of 2013, construction had still not begun.

Subsequent reporting (most recently, 2018) by Agence Congolaise des Grands Travaux does not provide any evidence that this project ever entered implementation.

📋 Staff Comments

The French project title is Réhabilitation et modernisation de l’avenue de la Paix (7.9 km) or Construction de l'avenue de la Paix.
The face value of the loan is unknown. For the time being, AidData assumes that the loan financed 85% of the $48,178,162 commercial contract cost. 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
Rapport annuel Exercice 2013, drc-china infrastructure status march 2011, l'Avenue de la Paix
Rapport Annuel 2011, 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 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.