DEMOCRATIC REPUBLIC OF CONGO SIGNS MEMORANDUM OF UNDERSTANDING WITH INDUSTRIAL AND COMMERCIAL BANK OF CHINA FOR $[AMOUNT] IN INFRASTRUCTURE PROJECTS
Investments to focus on X, Y, and Z development projects
SEPTEMBER 4, 2015— The Democratic Republic of Congo (DRC) today announced that it has signed a Memorandum of Understanding (MOU) with the Industrial and Commercial Bank of China (ICBC) for $[amount] to finance infrastructure development in the country. The MOU was signed by DRC Minister of Finance Henri Yav Mulang and Central Bank Governor Deogratias Mutombo Mwana Nyembo.
Investments made as part of the MOU will focus on X, Y, Z development projects in the X, Y, Z regions of the DRC, employing [thousands?] of Congolese, generating tax revenues for the DRC and providing a critical knowledge transfer between the two countries.
“The Chinese investment model in the DRC is an example for investors worldwide of effective and mutually beneficial ways to reduce poverty and create wealth,” said Minister Mulang. “We look forward to this new opportunity to strengthen and enhance our capacity-building efforts, which will in turn create more opportunities for the Congolese people and other foreign partners.”
Over the last 25 years, Chinese investment in the DRC, as well as Congolese exports to China, have grown at a rapid pace. This is due to the interest by both nations in finding mutually beneficial opportunities that strengthen and professionalize a variety of sectors including transportation, health care, mining and others.
For more information on Sino-Congolese relations, including past and current investments and development projects, click here.