(Ecofin Agency) - During his inaugural speech for his second term of office, President Félix Tshisekedi announced a renegotiated $7 billion agreement with China in the framework of the 2008 mining convention. The funds will be used primarily to build roads in the country.

Last Thursday, the DRC government signed the 5th amendment to the "mines for infrastructure" agreement concluded in 2008 with China. The mining contract, renegotiated with the Groupement des Entreprises chinoises, provides for a total investment of $7 billion in the country, compared with $3 billion in the original agreement.

The signing ceremony was presided over by President Félix Tshisekedi. It is the culmination of talks that started in 2023. Under the new deal, the Chinese companies will pay an annual royalty of 1.2% on revenues generated in the country. The proceeds will help build national roads, over "more or less 5,000 km", said Alexis Gisaro, Minister of Infrastructures and Public Works.

The Democratic Republic of Congo is the world's biggest cobalt producer and one of the biggest copper producers. Chinese companies involved in this agreement mine these two metals in the country and have already reaped $10 billion in profits since the start of the mining contract.