LONDON: Democratic Republic of Congo expects to reach an agreement on overhauling US$6 billion of an infrastructure-for-minerals deal with Chinese investors this year, Finance Minister Nicolas Kazadi told Reuters in an interview.
President Felix Tshisekedi's government has been revisiting a 2007 deal struck by his predecessor Joseph Kabila under which Sinohydro Corp and China Railway Group Limited agreed to build roads and hospitals in exchange for a 68 per cent stake in the Sicomines venture as well as a 2008 contract with CMOC.
"In only five days they have managed to burn and export 27 kilograms," Kazadi said, speaking of the joint venture that is owned 55 per cent by the United Arab Emirates with the remainder owned by Kinshasa. Late last year, fighting intensified in Congo's east between the Congolese army and the M23 rebel group, causing a diplomatic rift between the two nations with Congo accusing neighbouring Rwanda of backing the M23, which Kigali denies.
The Kinshasa government also expects to reach"an agreement by April" on financing of up to US$1 billion from the IMF's Resilience and Sustainability Trust .