the chinese are coming good or bad

Congo, China to Start $8 Billion Investment Later This Month

By Franz Wild

Jan. 14 (Bloomberg) -- A joint-venture between Congolese and Chinese companies will start an $8 billion investment in roads, railways and houses later this month, said Wu Zexian, China's ambassador in central African country.

Chinese companies, including Lexim Bank, will provide finance and hold 68 percent of the joint venture while Gecamines, a state-owned mining company in the Democratic Republic of Congo owns the rest, Wu said in an interview with Le Potentiel today.

``These are important companies in China which have expertise in realizing large works,'' Wu said. ``It is the bank which assumes the responsibility and takes the risk.''

Congo, which has the world's largest cobalt deposits and Africa's biggest copper reserves, is seeking investment from abroad to help rebuild its economy after two civil wars between 1996 and 2003 in which 4 million people died. China will get minerals rights, including copper and cobalt deposits, in return for its investment. The exact details haven't been disclosed.

Gecamines' management spent several weeks in Beijing during November and December finalizing the agreement, Wu said.

Gecamines Managing Director Paul Fortin, Mines Minister Martin Kabwelulu and Deputy Mines Minister Victor Kasongo didn't immediately return calls to their mobile phones.