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DR Congo cautiously approves China deals
Kinshasa (AFP) May 14, 2008 The Democratic Republic of Congo's government gave its cautious approval on Tuesday to a controversial set of construction and mining deals with China, but appealed for possible "adjustments" later. "The National Assembly has acknowledged the collaboration agreement with the Chinese businesses but suggests watching out for the country's interests when an assessment takes place" a year from now, assembly president Vital Kamerhe said. The opposition is wary of this immense partnership, in which China hopes to lend the central African country (DRC) an estimated nine billion dollars (six billion euros). Of this, six billion dollars will be spent on infrastructure while three billion will help revive the mining industry. DRC will pay some of this back in the form of mining bonds. In return, China plans to restore and build more than 9,000 kilometres (5,600 miles) of roads and railway tracks, two dams, hospitals, housing and schools throughout the country. The agreement would also create a joint mining venture in which China Railway Group and Sinohydro Corporation would have a 68 percent stake, while the DRC's national Gecamines would hold 32 percent. Gecamines would cede the rights to more than 10 million tonnes of copper and 600,000 tonnes of cobalt in what is now a state-run mineral reserve. Kamerhe urged the government to define clearly the benefits of the mining deal and evaluate the value of the mineral deposits, assuring that the agreement does not breach DR Congo's laws and constitution. Related Links Global Trade News
China export regime 'considerably more restrictive': WTO
Geneva (AFP) May 13, 2008China has made its export regime "considerably more restrictive" due in part to efforts to reduce its large trade surplus, said the World Trade Organisation in a review of the country's trade policies. |
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