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China Announce Congo Mineral Development
by Stewart DouglasChina has today announced a strategic partnership with Congo in relation to developing and constructing infrastructure for mineral and resource extraction, which is set to see heavy investment in transport and welfare projects.
The deal will see China loan Congo $5 billion in establishing more scalable extraction infrastructure for the vast mineral resources the country has to offer in exchange for access rights to existing resources.
The news reflects what many analysts describe as an ongoing Chinese interest in Africa for the security of future raw material and mineral supplies, and is a step closer to forming a long-term strategic alliance to ensure future supply as the Chinese economy continues to grow.
In a deal sealed today, the Chinese authorities agreed with leaders from Congo to allow China rights to extract significant natural resources from the African nation in return for the loan which is valued at $20 billion across the continent over the course of the next few years.
The first installment of $3 billion has been earmarked for transport related infrastructural projects, which it is hoped will enable national logistics to cope with the rising demand for output from China as the economy continues to grow.
Railway routes will also benefit from the funding, as will existing mining infrastructure, which is badly in need of restructuring and refurbishing in order to ensure ongoing demand.
Also, the plan accounts for additional health care facilities and training facilities for neighbouring regions as part of a wider investment in the small African economy, which will unfold over the course of the next few years.
China has also invested heavily in Nigeria, Sudan and Angola over the last few years, and has pledged to continue to develop infrastructure for the extraction of natural resources in conjunction with the individual African economies.
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