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The upper house of Parliament has ratified the loan agreement for an amount of 99,670,000,000 CFA francs between Congo and the Development Bank of Central African States. The upper house of Parliament adopted, during its plenary session on April 9 in Brazzaville, three bills approving mining conventions for the iron deposits of Avima, Badondo and Nabemba, localities located in the department of the Sangha. The various reports of the Economy and Finance Commission submitted to the examination of the senators revealed that the Congo and the companies Sangha Mining Development Sasu and Bestway Finance signed, in March 2021, agreements for the exploitation of iron from Avima, Badondo and Nabemba which cover 784.7 km2, 998 km2 and 386 km2 respectively. In view of their large reserves, these deposits, note the reports, could be exploited for a period of fifty years and will have a real impact on the socio-economic development of Congo. The exploitation of these deposits as well as others of great importance in the department of Sangha should also induce the construction of a railway from north to south of about 1000 km; the construction of a steelworks at Pointe-Noire as well as a large ore port at Pointe Indienne, in the Kouilou department. The company Sangha Mining Development Sasu and its partners gathered within a consortium of Chinese companies intend to begin the development of these mines during this year, according to a well-established schedule. Financial resources being mobilized for this purpose. In addition to these three bills, the Senate also adopted the one authorizing the ratification of the loan agreement in the amount of 99,670,000,000 CFA francs between the Congo and the Development Bank of Central African States for partial financing of the Brazzaville-Bangui-N’Djamena multimodal corridor development project phase 1, Ouesso-Bangui section. These are the asphalting of the road in the Ouesso-Pokola section, 50 km long, and the Gouga section on the Congo-Mbaïki border. The same project will also tackle the construction of a 616 m long bridge over the Sangha and the construction of the rest of the crossing structures in the Congo on the extension of the Pokola-Bétou-Central African Republic border road.
The article Congo: the Senate ratifies a loan agreement of more than 99 billion FCFA appeared first on Brazza’s Diary.
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