Overview

Chinese government grants FCFA 26 billion to Congo for budget relief

Commitments (Constant USD, 2023)$47,082,425

Commitment Year•2018Country of Activity•CongoDirect Recipient Country of Incorporation•CongoSector•General Budget SupportFlow Type•Grant

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 5, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

Government of Republic of Congo

Loan description

Chinese government grants FCFA 26 billion to Congo for budget relief

Narrative

Full Description

Project narrative

On September 5, 2018, the Congolese President visited Beijing for the 7th Forum on Sino-African cooperation and signed five agreements about the "One Belt, One Road" initiative. One agreement is that China will grant FCFA 26 billion to the Republic of Congo. The funds will be used to help with budgetary pressures, according to Objectif Afrique Africa and Indian Ocean Directorate. The other four agreements involve the Special Economic Zone (SEZ) in Pointe Noire, the concession of the RN1 linking Pointe Noire to Brazzaville to be operated by the Franco-Chinese consortium EGIS / CSCEC, non-profit double taxation, and the construction of a training school for construction trades.