China invest $7 billion into DR Congo in revised minerals for infrastructure agreement - Chinese to invest $7 billion into DR Congo in revised minerals for infrastructure agreement - It is common knowledge that The Democratic Republic of the Congo (DRC) and China have fostered a robust and mutually beneficial relationship for decades. China has been the DRC's largest trading partner and source of foreign investment for years, with trade heavily focused on resource exchange. The DRC benefits from China's infrastructure development projects, including roads, bridges, and hospitals, funded through "resource-for-infrastructure" deals. China, in turn, secures access to the DRC's vast mineral wealth, particularly cobalt, crucial for its tech industry. This cooperation extends beyond resources, with China providing scholarships, medical aid, and agricultural expertise to the DRC. And now these cordial partners have written the latest chapter in their storied history of cooperation by revamping a nearly two-decades-old minerals-for-infrastructure contract that is set to offer more benefits of up to $7 billion to the DRC in exchange for its resources. What are the terms of this contract? And why is the DRC renegotiating its minerals-for-infrastructure agreement with China? In today's video, we will shed more light on these questions and many more.
On Saturday, January 27th, 2024, The Democratic Republic of Congo and its Chinese investors announced in a statement that the DRC is set to receive $7 billion in financing "mainly intended for the construction of national roads" as part of a revamped minerals-for-infrastructure contract with China. The accord will give the DRC's state miner Gecamines a 1.2% royalty on the proceeds of a copper-cobalt venture known as Sicomines and the right to market 32% of its output. Moreover, both parties will co-manage the Busanga Power Plant, "with 60% of the shares for the Chinese Party and 40% for the DRC. This current agreement is an updated version of a minerals-for-infrastructure document signed in April 2008 between then-DRC President Joseph Kabila and the Chinese government. Under that agreement, Chinese partners committed to building roads and hospitals in exchange for a 68% interest in the joint venture with Congo's national mining corporation Gecamines. Chinese investors also promised to spend $3 billion on infrastructure projects. However, after more than 15 years, the DRC, now led by the recently reelected Felix Tshisekedi, has taken China back to the negotiation table to restructure the past minerals-for-infrastructure contract to ensure that Congo gets more value for its resources.
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