India Grants Congo 263
Million Dollar Loan
The
Democratic Republic of Congo has secured $263 million from India to build
hydroelectric plants and repair battered infrastructure.
Congo's foreign minister said on
Friday that the two countries agreed the final terms of the loan package this
week during a four-day visit by Foreign Minister Alexis Thambwe Mwamba, to
Mumbai.
He explained that, "the
Indian government has made available $168 million for the Katende dam project in
Kasai Orientale (province), $45 million for the Kakobola dam, and $50 million to
rehabilitate the rail system in (the capital) Kinshasa."
Kinshasa had last month secured
$25 million in loans from India to improve water and sanitation
facilities and build a new IT training centre.
The announcement of the new
Indian loan package follows a $6 billion infrastructure for minerals deal
signed with China.
The Chinese deal is a
cornerstone of President Joseph Kabila's post-war economic policy to help
rebuild mineral-rich but cash-strapped Congo.
Last month, Congo and China
agreed to amend the contract, reducing the total value from an original plan of
$9 billion, and Paris Club lenders are due to meet soon to discuss
Congo's request for debt cancellation.
REUTERS/Yinka
