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25 May 2012
   
 
 
 
 
 
Congo Republic will sign an agreement with the London Club of creditors on Wednesday to forgive 77 percent of the 288 billion CFA owed to the group, the finance ministry said in a statement.

The deal will allow the poor Central African country to free budgetary resources to provide housing, education, water and electricity.

Congo, whose foreign debt stood at $5.5 billion in 2004, qualified for the Heavily Indebted Poor Country (HIPC) debt-relief scheme in March 2006.

The Paris Club of sovereign lenders, which had already agreed to cancel 67 percent of its debt, increased this to between 90 and 100 percent in some cases after HIPC entry.


Edited by: Creamer Media Reporter
 
 
 
 
 
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