President of the Democratic Republic of Congo seeks to review mining contract with China | Asia Pacific News

The Democratic Republic of the Congo is seeking a fairer share of its vast mineral wealth.

The President of the Democratic Republic of the Congo (DRC) Felix Tshisekedi called for a review of the mining contract signed by his predecessor with China in 2008, saying he wanted a fairer deal.

A statement after the cabinet meeting on Friday said Tsisekedi called for “technical and financial details of the China-Congo contract” at the next meeting.

The statement said: “The Democratic Republic of the Congo has a serious lack of infrastructure, which hinders its development.”

Former President Joseph Kabila, who was in power from 2001 to 2019, negotiated a highly controversial mineral-for-infrastructure contract with the Chinese in 2008, valued at 9 billion U.S. dollars.

But under pressure from the International Monetary Fund (IMF), the transaction was reduced to two-thirds of the amount, and the IMF pointed out that it had a serious impact on the country’s finances.

So far, the Chinese have paid approximately US$2.74 billion.

At the welcoming ceremony held in the Great Hall of the People in Beijing, former Chinese President Jiang Zemin (left) accompanied former President of the Democratic Republic of Congo Joseph Kabila to review the guard of honor [File: Goh Chai Hin/AFP]

During a visit to the mining town of Kolwezi in May, Tshisekedi announced his intention to renegotiate mining contracts, especially those signed by Kabila.

He said: “While our people are still poor, it is not normal for people who have signed mining contracts with the country to become richer and richer.”

“It’s time for the country to readjust its contracts with miners to establish a win-win partnership.”

Earlier this year, China awarded Some debt relief Go to the Democratic Republic of the Congo to help it overcome the economic impact of the pandemic.

Therefore, the Democratic Republic of Congo does not have to repay its interest-free loans from China that are due at the end of 2020. The ministry did not say how much this is.

According to data collected by the Johns Hopkins University China-Africa Research Program, Chinese entities provided 53 loans to the Democratic Republic of the Congo between 2000 and 2018, most of which were concentrated in the power, transportation, and mining industries.