Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Banks agree $545 million for Congo Republic economy

share with twitter share with LinkedIn share with facebook
09/19/2020 | 03:19pm EDT

BRAZZAVILLE, Sept 19 (Reuters) - A group of banks has agreed more than $545 million worth of funding to boost Congo Republic's long-suffering economy, officials said on Saturday.

The oil-producer was hit by a sharp drop in crude prices in 2014, leaving it with debt of nearly $9.5 billion, much of it owed to China and Western oil traders and amounting to 85.5% of the Central African country’s gross domestic product (GDP).

The IMF agreed a three-year $449 million bailout last year, but the coronavirus pandemic is expected to cause an economic contraction of 9% in 2020, the government has said.

A group of banks including Gabon-based BGFI Bank and Togo's Ecobank agreed the package of 300 billion CFA francs ($545.70 million), BGFI's chief executive officer Henri-Claude Oyima told reporters after a meeting with President Denis Sassou N'Guesso.

The details of the funding were not yet clear, including when and how it would be disbursed.

"It is not a question of funding that is granted directly to the state, but funding to support businesses and allow the country's economy to revive," Oyima said. "This will allow part of Congo's internal debt to be settled."

Prime Minister Clément Mouamba welcomed the deal and acknowledged the challenges the economy still faces.

"In the agreement with the IMF, it was agreed that we make efforts to pay the domestic debt," he told reporters. "Congo's debt to its local creditors is significant. First, we select a few creditors who will be paid on time... These creditors will have an obligation to put the money back into the economy." ($1 = 549.7500 CFA francs) (Reporting By Christian Elion Writing by Edward McAllister Editing by Gareth Jones)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.14% 42.44 Delayed Quote.-34.86%
WTI 0.11% 40.888 Delayed Quote.-33.28%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
02:15aANALYSIS : After America First, some investors bet on a Biden boost abroad
02:11aECB would have 1 trillion euros of bonds to buy after axing polluters, study finds
01:56aAsian stocks dip as U.S. political concerns grow
01:52aSERGIO ERMOTTI : UBS quarterly profit doubles, a crescendo for CEO Ermotti's swan song
01:30aFSC FINANCIAL SERVICES COMMISSION OF KOREA : Vice Chairman Stresses Importance of Steady Financial Support for Small Businesses
01:20aDELEGATION OF EUROPEAN UNION TO GEORGIA : EU launches Access2Markets portal to support trade by small businesses
01:18aIndonesia rejected U.S. request to host spy planes - officials
01:18aU.s. uses advanced p-8 aircraft to keep tabs on ships, submarines in south china sea
01:18aIndonesia rejected u.s. request to allow p-8 spy planes to land, refuel there - officials
01:16aNEWS HIGHLIGHTS : Top Global Markets News of the Day
Latest news "Economy & Forex"