Chinese overseas lending / COG
Congo: debt owed to China
In 2021, Congo is estimated to have owed China $2.58bn, equal to 17.4% of its GDP, which ranks it 38 of 126 borrowers in the panel by dollars owed. The estimated stock peaked at $3.47bn in 2017.
The estimated stock, 2000 to 2021
The largest single-year move in the estimated stock is 2012, when it rose by $528m.
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending. Selection: estimated stock owed to China by Congo, by year and instrument, 2000 to 2021. Zeros are estimated zeros (no known loans outstanding), not missing values. Methodology
Historical loan records from the 2021 release
These records come from the 2021 HRT Mendeley replication release, not the November 2025 refreshed stock panel charted above. The refresh uses the updated Franz, Horn, Parks, Reinhart and Trebesch methodology, so this table cannot be reconciled to the chart. The earlier release marks 29 loan-level records for Congo as part of its debt-estimate sample, spanning 2000 to 2017. Comparable commitments are available for 29 of those loans and sum to $5.08bn. These are gross commitments, not outstanding debt stocks. The stock methodology applies disbursement and amortisation profiles, with imputation where loan terms are missing, so the commitment sum must not be compared with the stock above. See the methodology. Terms are sparse by source: interest rate appears on 7 loans, grace period on 20, maturity on 20, any of the three on 22, and all three together on 5. The earlier file also carries 47 additional project rows for Congo outside that sample, so they are not included in this table.
| Year | Project | Commitment, USD | Commitment, source currency | Terms | Creditor | Type |
|---|---|---|---|---|---|---|
| 2017 | Digital Television Migration ID: COG_75 · Source: JH CARI | $162m | n/a | rate 2% | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2017 | National Telecom Phase III ID: COG_76 · Source: JH CARI | $161m | n/a | rate 2% | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2014 | Brazzaville Mall ID: COG_68 · Source: JH CARI | $502m | n/a | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2014 | Mpila Twin Tower Business Center ID: COG_74 · Source: JH CARI | $328m | n/a | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2014 | Mpila Business District ID: COG_71 · Source: JH CARI | $62m | n/a | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2014 | Mpila Memorial Hall ID: COG_73 · Source: JH CARI | $19m | n/a | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2014 | Mpila Housing - 48 Units ID: COG_72 · Source: JH CARI | $8.00m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2013 | China finances construction of a river port in Republic of Congo ID: COG_66 · Source: AidData, JH CARI | $55m | USD 55,000,000 | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2012 | National Route 1 - Phase II ID: COG_60 · Source: JH CARI | $1.21bn | n/a | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2012 | National Route 2; Owando-Makoua-Ouesso Road; Mambili-Ouésso; 199km; Phase II ID: COG_61 · Source: JH CARI | $234m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2012 | Liouesso Hydropower Project 19.9MW ID: COG_57 · Source: JH CARI | $105m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2012 | Gabon Border Road; Okoyo-Frontier Road; 90km; Phase II ID: COG_56 · Source: JH CARI | $74m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2012 | Mpila High School ID: COG_59 · Source: JH CARI | $66m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2012 | Mpila District in Brazzaville Housing- 200 Units ID: COG_58 · Source: JH CARI | $48m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2012 | 74km Transmission Line from Liouesso Hydropower Project to the town of Ouesso-North; 110kV ID: COG_49 · Source: JH CARI | $37m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2012 | Zero-interest loan for unknown purpose ID: COG_62 · Source: AidData, JH CARI | $16m | n/a | rate 0% | grace n/a | maturity n/a | China Ministry of Commerce (MofCom) Chinese government | Loan Zero-Interest Loan · borrower Central government |
| 2009 | Transmission Lines from Imboulou Hydropower: 780km of 220kV; 91km of 110kV; 350km of 20kV&30kV ID: COG_41 · Source: JH CARI | $264m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2009 | Djiri; Drinking Water Supply Project ID: COG_39 · Source: JH CARI | $213m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2008 | Gabon Border Road; Obouya-Boundji-Okoyo-Gabon Border; aka OBO Road; 125km; Phase I ID: COG_36 · Source: AidData, JH CARI | $106m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2007 | China Extends $136 million USD for Rehabilitation of Brazzaville Airport (Maya-Maya international airport) ID: COG_29 · Source: AidData, JH CARI | $136m | USD 136,000,000 | rate 0.25% | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2007 | Construction of terminals, tower and power control center at Ollombo Airport ID: COG_30 · Source: AidData, JH CARI | $56m | USD 56,000,000 | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2007 | MA60 Passenger Aircrafts Purchase - 3 Units ID: COG_33 · Source: AidData, JH CARI | $34m | n/a | rate 2% | grace 8y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2006 | National Route 1 Pointe-Noire-Brazzaville Road; Pointe-Noire to Dolisie; 164km; Phase I ID: COG_26 · Source: JH CARI | $552m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2006 | China's EXIM provides loans for Congo No.2 National Highway ID: COG_24 · Source: AidData, JH CARI | $310m | XAF 162,000,000,000 | rate 0.25% | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2006 | Social Housing Complex 815-200 Units ID: COG_28 · Source: JH CARI | $45m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2006 | Oyo General Hospital and Hospital Road ID: COG_27 · Source: JH CARI | $15m | n/a | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2004 | China funds $238 million USD construction of Imboulou Dam and Power Plant ID: COG_17 · Source: AidData, BU Energy, JH CARI | $238m | USD 238,000,000 | rate n/a | grace n/a | maturity n/a | China Machinery Engineering Corporation (CMEC) State-owned enterprise | Loan Commercial · borrower Central government |
| 2001 | China loans Republic of Congo 3 billion XAF for development projects ID: COG_14 · Source: AidData, JH CARI | $4.09m | XAF 3,000,000,000 | rate 0% | grace n/a | maturity n/a | China Ministry of Commerce (MofCom) Chinese government | Loan Zero-Interest Loan · borrower Central government |
| 2000 | Exim Bank Loan for Cement plant Joint Venture ID: COG_13 · Source: AidData, JH CARI | $24m | USD 24,150,000 | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending (2021 Mendeley replication loan file). Selection: 2021 replication loan records mapped to Congo and flagged DebtEstimateSample = 1 in that release. This is an earlier source universe, not the records used for the November 2025 refreshed stock panel. CommitmentUSD is a gross commitment flow and is not comparable to the charted stock. Commitment stays in its source currency, and ProjectDescription is rendered as free-text data from the file. Methodology
Against what Congo reports owing to all creditors
Congo reported $8.15bn of total external debt to all creditors in 2021, of which $7.48bn is public and publicly guaranteed. The China estimate is 31.7% of the reported external total and 34.4% of the reported public and guaranteed stock. These are ratios of two different measurements, one estimated and one borrower-reported, and they are not a share of a single consistent total.
| Measure, 2021 | Estimated, owed China | Reported, all creditors | Ratio, % |
|---|---|---|---|
| Total external debt | $2.58bn | $8.15bn | 31.7% |
| Public and publicly guaranteed | $2.57bn | $7.48bn | 34.4% |
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending (estimated stocks), and World Bank International Debt Statistics, borrower-reported via the Debtor Reporting System (all-creditor stocks). Selection: estimated external and PPG stock owed to China in 2021 against Congo's reported DT.DOD.DECT.CD and DT.DOD.DPPG.CD for the same year. Drawn swap balances are excluded from the estimated column: they are a central-bank liability the Debtor Reporting System's long-term-debt concepts do not carry. Methodology
Chinese restructurings involving Congo
2 deals recorded between Congo and Chinese state creditors. These are context, not accounting: the source records face-value reduction as a flag rather than a magnitude, so no haircut percentage exists for them, and nothing here is netted off the estimated stock above.
Creditor: China Ex-Im Bank
China Ex-Im Bank agreed to restructure US$ 1.6 billion of outstanding debt from 8 China Ex-Im BNK loans signed by the ROC between 2010 and 2014, extending the maturities by 15 years. Gardner et al. (2020) report an increase in interest rates; Acker et al. (2020) a reduction in interest rates.
AidData 2.0; Gardner et al. (2020); Acker et al. (2020)
Creditor: China Machinery Engineering Corporation (CMEC)
China Machinery Engineering Corporation (CMEC) rescheduled US$ 115.8 million of arrears owed by the ROC from a 2005 supplier's credit. The agreement extended the maturity by 5 years and introduced an additional 3-year grace period.
AidData 2.0; Gardner et al. (2020); Acker et al. (2020)
Source: Horn, Reinhart and Trebesch, Hidden Defaults (World Bank Policy Research Working Paper 9925). Selection: every recorded restructuring agreement between Congo and a Chinese state creditor. Face-value reduction is a 0/1 flag in the source, not a percentage; the badge appears only where the source sets it. Methodology