DRC WELCOMES CHINA’S COMMITMENT OF $60 BILLION IN ASSISTANCE AND LOANS FOR AFRICA TO SUPPORT DEVELOPMENT ACROSS THE CONTINENT
KINSHASA—The Democratic Republic of the Congo (DRC) welcomes the recent announcement by Chinese President Xi Jinping that China will commit $60 billion of assistance and loans for Africa to support critical infrastructure development across the continent. This support includes $5 billion in grants for zero-interest loans and $35 billion in preferential facility and export credit loans and concessional loans. Such loans are generally structured so as not to increase the weight of debt on recipient nations with major infrastructure needs.
“We anticipate that this initiative will provide the DRC with opportunities to develop capacity-building projects in critical industry sectors that can help boost the economy and provide employment for the Congolese people,” said Minister of Finance Henri Yav Mulang. “Reforms implemented in recent years have made the DRC ripe for foreign investment, and demonstrate our commitment to establishing an environment that will both advance our citizens’ economic aspirations and be welcoming to international partners. We are well-prepared to meet this initiative’s prerequisites and look forward to continuing to build on this relationship.”
Over the last 25 years, Chinese investment in the DRC, as well as Congolese exports to China, have grown at a rapid pace. A recent example of this cooperation is the recently-opened Sicomines project, a joint venture between a group of Chinese companies and the DRC’s Gecamines SA, which is expected to increase copper exports to China and spur economic development in the Congo.
A recent RAND Corporation report concluded that bilateral trade between the DRC and China accounts for approximately two percent of total Sino-African trade.
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