PriyaPatelTLDR:
Congo and China are in talks about a $7 billion financing deal as part of a renegotiated minerals-for-infrastructure agreement, announced by Congolese President Felix Tshisekedi at his second inaugural address. The original deal, signed in 2008, promised $3 billion in infrastructure projects paid for by revenues from the Sicomines copper and cobalt mine. However, less than a third of the development funds were ever disbursed. Tshisekedi did not provide further details on the new infrastructure initiative.
Key points:
- Congo and China discussing $7 billion in financing
- Renegotiating a minerals-for-infrastructure deal
- Original agreement promised $3 billion in infrastructure projects, but only a fraction of the funds were disbursed
Chinese Embassy in Congo has not yet commented on the negotiations
Tshisekedi was sworn in for a second five-year term, having won the election with over 70% of the votes
He promised to reduce inflation, stabilize the exchange rate, and expand industry to create employment
