China Loans $367.5 Million to Congo for Hydroelectric Plant

China Loans $367.5 Million to Congo for Hydroelectric Plant
By Michael J. Kavanagh - Feb 4, 2011
Bloomberg

http://www.bloomberg.com/news/2011-02-04/china-loans-367-5-million-to-congo-for-hydroelectric-plant.html

China will loan Democratic Republic of Congo $367.5 million to construct
a 150 megawatt hydroelectric plant in southwest Bas-Congo province,
according to the Chinese embassy in the central African nation.

The Zongo II plant will be built by Sinohydro Corp., China's largest
water projects developer, with concessional loans from China�s Export
Import Bank. Construction will take three years, creating 2,000
temporary and 300 permanent jobs, said the statement, which was
published on the embassy�s website.

Congolese Finance Minister Matata Ponyo, who signed the agreement Jan.
29, was in a meeting when contacted by phone and did not immediately
respond to requests for comment by e-mail.

In 2008, Congo and China signed a $9 billion deal to swap minerals for
infrastructure projects. The total amount of the deal was reduced in
2009 to about $6 billion at the request of the International Monetary
Fund, which said the debt load was unsustainable.

Only about 9 percent of Congolese had electricity in 2010, according to
Congo�s Ministry of Energy.
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