Thursday, November 21, 2024

Guinea to get $20 bln from China, to pay with minerals

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Isaac Kaledzihttps://en.wikipedia.org/wiki/Isaac_Kaledzi
Isaac Kaledzi is an experienced and award winning journalist from Ghana. He has worked for several media brands both in Ghana and on the International scene. Isaac Kaledzi is currently serving as an African Correspondent for DW.

China is to provide Guinea with a loan of $20 billion with an agreement reached on Wednesday.

The deal will last for a period of 20 years with the West African nation paying back with mineral concessions focused mainly on bauxite and an ore of aluminium.

Guinea has these minerals in abundance.

Guinea’s mines minister Abdoulaye Magassouba told Reuters said that the projects guaranteed by the loan include China Power Investment Corp’s planned alumina refinery and Aluminium Corp of China’s (Chalco).

The rest are bauxite project, both in Boffa, northwest Guinea.

Source: Africafeeds.com

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