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March 23, 2009

Congo to push forward with $9 bln Chinese contract

By Joe Bavier

KINSHASA, March 23 (Reuters) - Democratic Republic of Congo will push ahead with a $9 billion Chinese mining and infrastructure package despite pressure from the International Monetary Fund (IMF) which believes the deal will add to Congo's debt mountain, a top government official said on Monday.

Under the 2007 agreement, Congo will receive much-needed roads, railways, hospitals and schools while China secures billions of dollars worth of lucrative copper and cobalt reserves it needs to feed its export-driven economy.

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Posted by boyang at March 23, 2009 8:19 AM