Posted by: africanpressorganization | 7 June 2011

Cooperation: debt cancelled for the Democratic Republic of Congo




Cooperation: debt cancelled for the Democratic Republic of Congo



KINSHASA, Dem. Rep. of Congo (DRC) June 7, 2011/African Press Organization (APO)/ — Italy has entirely cancelled the Congolese debt to support the country’s economic development. On 31 May Ambassador to Kinshasa Pio Mariani signed a debt cancellation agreement with DRC Finance Minister Matata Ponyo in the wake of others signed with other African countries in recent days.


Minister Ponyo thanked Ambassador Mariani and ensured his determination to continue the policies of rigour and austerity that have permitted completion within the HIPC initiative so that the DRC will not find itself in another few years in the same situation. Ponyo also expressed the strong hope that Italian business investors would return to the DRC, recalling how there had been thousands in the 1970s and 80s. He particularly encouraged the Italian fashion and footwear industries.


Ambassador Mariani stressed how the decision to completely cancel the debt with Italy should be considered Italy’s acknowledgement of that government’s efforts in a difficult social and economic context, and encouragement to carry on with policies of rigour with a view to complete economic and political stability. The ambassador indicated that the economy of a country as vast and complex as the DRC could only take off with private investments and hinted at a reawakening of Italian economic interests in that country, as shown by the visit of a delegation of Italian business persons in January of this year, and the recent opening of an ENI office there. Finally, he expressed the hope that the Congolese government would proceed with determination in the creation of a propitious context for foreign investments, recalling, in particular, ratification of the OHADA Accord, the signing of the New York Convention on trade disputes and ratification of a bilateral investment promotion and protection accord with Italy.



Embassy of Italy in Kinshasa


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