Mr. Li, I Presume?

Via TerraDaily, an article on China’s active engagement of the Democratic Republic of Congo, a troubled nation with huge but largely untapped natural resources such as 34 percent of the world’s known cobalt reserves, 10 percent of its copper, vast forests full of timber and a treasure trove of gold and diamonds.  This is just a continuation of China’s advance upon Africa as it searches for sources of raw materials for its voracious economic appetite.  As the article notes,

“…China signed a deal in September to loan the mineral-rich Democratic Republic of Congo five billion dollars (3.6 billion euros) to build up its infrastructure and develop its mining industry.

Three billion dollars went towards the building of thousands of miles of railways and roads as well as hospitals, universities and housing, while the rest went into mining and creating joint Chinese-Congolese firms.

Also in September, Chinese Exim Bank agreed to provide some 8.5 billion dollars in financing to build up infrastructure and develop the DR Congo’s mining industry.

The following month Kinshasa signed loan accords — whose value was not given — with the China Development Bank….”

This entry was posted on Thursday, December 6th, 2007 at 11:20 pm and is filed under China, Democratic Republic of Congo.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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