Congo Must Improve Legal Security to Win Investors, Bank Says
2007-11-21 09:00 (New York)
By Franz Wild
Nov. 21 (Bloomberg) -- Democratic Republic of Congo, which
has a 10th of the world's copper reserves, must improve legal
security if it is to attract more private investors and kick-
start growth, the World Bank said.
``The DRC needs to improve its legal framework'' in order
to ``create a completely different climate'' of investment, said
Jean-Michel Happi, the World Bank's representative in the
central African country.
Congo, which also has the world's biggest cobalt deposits,
this year canceled a title deed held by London-based Central
African Mining & Exploration Co. and said an agreement with
Brinkley Mining Plc wouldn't stand. Mines Minister Martin
Kabwelulu since said Central African's permit was not
immediately threatened.
After two civil wars between 1996 and 2003, which left 4
million people dead and ruined the economy, Congo is relying on
private investment to rebuild basic infrastructure and services.
Congo treats serious investors fairly, Kabwelulu said in a
Nov. 6 interview.
``'We are happy to work with investors who respect the
rules. There is absolutely no reason why they should worry,'' he
said.
--Editor: Bolleurs (sjc) |
