Foreign and Military Affairs

China loans Congo $75.8 m for development

(Xinhua)
Updated: 2010-12-22 14:40

BRAZZAVILLE - China on Tuesday concluded with the Republic of Congo an interest-free loan agreement of 500 million RMB ($75.8 million) for the development of medical care and agriculture in the Central African country.

Chinese Ambassador to Congo Li Shuli and Congolese Minister of Finance Gilbert Ondongo signed the agreement in the Congolese capital Brazzaville.

The loan to be repaid by the Congolese government in a 10-year period from July 1, 2020 to June 30, 2030 is part of the framework agreement on economic and technical cooperation between the two governments.

According to Ambassador Li, the money is to finance projects selected by both parties.

Since diplomatic relations were established between the two countries, cooperations have continued to intensify in the past years. The framework agreement on economic and technical cooperation was established during World Expo 2010 in Shanghai.