The Journal of Modern African Studies

The recent involvement of China in sub-Saharan Africa is challenging and changing the world geostrategic scene. In the article, we analyse the agreements between the Congolese government and a group of Chinese state-owned enterprises. A number of public infrastructure works will be financed with Chinese loans. To guarantee reimbursement, a Congolese/Chinese joint venture will be created to extract and sell copper, cobalt and gold. These are the biggest trade/ investment agreements that China has so far signed in Africa. This article seeks to contribute to the discussion regarding the agreement’s impact on internal development in Congo. Does it create a ‘win-win ’ situation for all, or is it an unequal exchange? We outline the internal and international debates and analyse several noteworthy characteristics of the agreements. In conclusion, we present a balanced view on the likely impact on Congo’s short-term and long-term development. I N T R O D U C T I O N On 17 September 2007, the Congolese government and a group of Chinese state-owned enterprises signed a bilateral investment and trade agreement (Protocol 2007). The Chinese committed themselves to constructing a number of roads, railways and hospitals. The value of these infrastructure works, which will be carried out by Chinese companies and financed by loans from the Chinese EXIM bank, is estimated at $6.5 billion. To guarantee reimbursement of these loans, a Congolese/Chinese joint venture with Chinese majority participation will be created to extract and sell Congolese copper, cobalt and gold. Second, the Chinese EXIM J. of Modern African Studies, 47, 3 (2009), pp. 371–396. f Cambridge University Press 2009 doi:10.1017/S0022278X09003978 Printed in the United Kingdom