Belgium moves to safeguard financial contributions to Congo

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Belgium moves to safeguard financial contributions to Congo

The Belgian Ambassador to Congo, Michel Tilemans, said Thursday that the money his country gives to Congo for development would no longer be intercepted by what he called ‘vulture’ funds, sources close to the
Congolese Energy and Hydraulic ministry said Friday. ‘Vulture’ funds are investments in buying up the debts of bankrupt companies so as to take a controlling interest in them. “This legislation is already in force. This means that no one can seize Belgium’s resources, contributions and loans given to governments and companies. This is a new opportunity resulting from efforts made by Congo to ensure stability and move towards the development of its resources,” Tilemans said, following a meeting with Congolese Energy and Hydraulic Minister, Bruno Jean Richard Itoua. Belgium passed a legislation recently banning ‘vulture’ funds from ‘seizing’ money or contributions allocated to countries for development. Congo’s 31-MW thermal power station was constructed with funds from Belgium.

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