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Republic of Congo and China signed in Brazzaville yesterday a protocol agreement on the cancellation of an "important part" of debt owed by the country to China, totaling 30.6 billion CFA francs (about US$64 million), according to official sources.
"The protocol agreement concerns the debt relief. China supports Republic of Congo＇s economic development which has already attained the level of the world＇s most indebted nations (PPTE) initiative, and would like to assist it to achieve the completion point of this initiative," said the Chinese ambassador Wo Ruidi.
The Chinese diplomat signed the agreement with the Congolese economic, finance and budget minister Pacifique Issoibeka who said "this protocol agreement falls within the framework of strengthening cooperation between the two countries."
Accoding to Wo, China has already cancelled, since 2001, ten loans owned by Congo, or the equivalent of US$75 million.
"By canceling an important part of its debt, China is offering Congo the opportunity of allocating the cancelled part of the debt to fund other projects," Issoibeka said.
Since 2003, China has provided 85 percent of the 280 million U. S. dollars of the total cost for the construction of a 120 megawatts power dam, the largest in Congo, in the northern region on the country, according to sources. |
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