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Friday, December 22, 2023

Highlighting CCP’s Debt Trap diplomacy in Democratic Republic of Congo

The CCP China has become infamous for shady business practises all across the world. One recent example of this can be seen in the Democratic Republic of Congo, where its National Assembly has called for a review of the country’s mining agreements with China.

According to Christophe Mboso, speaker of the DRC national assembly, the Chinese are not paying their fair share, which is affecting the county’s revenue collection.

“Sicomines (a Chinese majority joint venture operating in the country), it seems, is not keen on paying the $200 million that the DRC is asking for after making huge profits,” said Nicholas Kazadi, DRC finance minister. He also stated that the contracts signed previously were biased in favour of Chinese interests.

The DRC state auditor stated in their report that Sicomines had spent less than $1bn of the $3bn initially pledged, and called for another $1bn of the funding to be released. China is extracting huge profits, but in return, it is not delivering what it had promised. Overall, Chinese companies have already cashed in, earning at least USD 10 billion from contracts in the last decade, while Kinshasa has benefited from only USD 822 million in terms of infrastructure, according to the February report of the Inspectorate General of Finance.

As part of the contract signed between China and the DRC, the CCP China was supposed to build 3,500km of roads, 3,500 km of railway infrastructure, 31 hospitals with 150 beds, and 145 health centres in the country. But China has not even built one metre of rail in the DRC. China took advantage of various exemptions provided by DRC as part of the contract, locally referred to as the “contract of the century”, but it hasn’t delivered what it had promised to do in DRC. This is not just in the DRC but in many countries across the African continent, Central Asia, and Indian subcontinent. China is carrying out organised and systematic looting in poor and developing countries through its corrupt business practises and debt trap diplomacy.

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