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France, Republic of Congo sign debt reduction contract
Date: 2010/10/8 Click: 1893
The Republic of Congo and France on Wednesday concluded a development and debt reduction contract (C2D) worth 80 million euros to finance development projects for the benefit of the poor populations of the country, well placed sources told Xinhua in Brazzaville.

The contract was signed by French Commerce Secretary Anne-Marie Idrac and Congolese Finance Minister Gilbert Ondongo.

The C2D marks a long process of Congolese debt cancellation by France, which has so far cancelled about 2.4 billion euros of debt due from Congo since the country has qualified for achievement point under the World Bank/International Monetary Funds' Highly Indebted and Poor Countries program.

"Part of the C2D money should be utilized in the development projects," Idrac said.

Besides these projects, the French commerce secretary said, part of the money will be allocated to the Brazzaville's Central University Hospital (CHU) and the Social Affairs Ministry to contribute to the efforts of reducing the suffering of most vulnerable people in society.

Idac arrived in Brazzaville on Wednesday for a 48-hour visit.
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