Congo reaches agreement with its creditor Orion

In talks for months with the trading firms Glencore, Trafigura and Orion to restructure the debt it owes them, Congo has finally reached a compromise with the latter company, headed by Congolese businessman Lucien Ebata. Prime Minister Clément Mouamba’s office announced on 7 April that an agreement had been reached with Orion that will result in a 30% discount on the debt owed to the oil trader (161 billion CFA francs, or $270 million) and a four-month deferral of repayment, which will take effect from October.