Congo receives $9 billion investment from China
Congo is a Central African nation the seize of Western Europe. It has been destroyed by two civil wars for seven years. Also, the country has the biggest cobalt deposits and four percent of the copper reserves of the world.
Economic growth in Congo is expected to slow to 2.7 percent this year, from 6 percent in 2008, according to the IMF. The government also plans to reduce the annual budget from 2.9 trillion Congolese francs ($3.6 billion), Prime Minister Adolphe Muzito said on May 25, without saying by how much. The country faces a $360 million interest payment this year on its outstanding debt, which stands at about $11 billion, according to the IMF.
Last year, Chinese state-owner Sinohydro Corp. and China Railway Engineering Corp. signed a exchange agreement with President Joseph Kabila to build roads, schools, hospitals, railways and minig project worth total $9 billion. In the other hand, Congo will over 10 million metric tons of copper and 600, 000 tons of cobalt.
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