Two companies, one Chinese and one Spanish, will have to submit to the State “the final outlines of the project”, whose cost is estimated at 12 billion euros.
The Democratic Republic of Congo (DRC) announced on Tuesday (October 16th) the signing of an “exclusive development agreement” with two Chinese and Spanish companies to try to finance its Inga III hydro dam project on the Congo River. a capacity of 11,000 megawatts.
For this long-standing project costing an estimated 14 billion dollars (12 billion euros), the agreement was signed between the DRC and the China Inga 3 and ProInga business consortia, according to a statement from the Congolese presidency. China Inga 3 is led by Three Gorges Corporation (manager of the giant Three Gorges Dam in China), and ProInga by Cobra Instalaciones y Servicios, a subsidiary of the Spanish construction group ACS, headed by Florentino Perez, also known as Real Madrid President .
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“Under this agreement, the DRC endorses the constitution of a single consortium by the two groups” , details the presidency. ” These groups agree to finance implementation studies” after which “the single consortium must submit to the DRC the final outline of the project of the plant, whose cost is estimated at $ 14 billion , ” continues the Congolese presidency.
Take over from the Inga I and II dams
Inga III must theoretically take over from the Inga I (1972) and Inga II (1982) dams installed on the rapids of the Congo River, in central Kongo province (west). “The construction will last from five to seven years, perhaps up to eleven years,” said Bruno Kapandji, chairman of Joseph Kabila’s mission. “We are preparing the exclusive collaboration agreement that will allow us to get funding,” he said in Lubumbashi (south-east), in front of professionals in the mining sector a little skeptical.
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In its statement on Tuesday, the presidency confirms that the DRC will “collaborate with South Africa, with which it has concluded an ad hoc treaty concerning the Grand Inga project” . The DRC also claims to rely on “the support and participation of development finance institutions” . In July 2016, the World Bank suspended “funding for its technical assistance” to the project.
The DRC is failing to transform its mineral wealth or to enlighten the vast majority of its 82 million inhabitants. This is a paradox since the country takes its name from the second longest river in Africa (4,700 km), with one of the most powerful flows in the world (40,000 m3 / second).