Carousel Finance, with offices in London and Geneva, is gearing up to launch an investment fund dedicated to the “Kia Kinshasa Mona” (“Kinshasa revealed”) project, which aims to expand the capital of the Democratic Republic of Congo. Mandated by the project’s Strategic Oversight Committee (CSSPVK), Carousel is tasked with structuring the financing and mobilizing investors.

On April 18 and 20, 2025, Carousel Finance presented the fund to investors at DRC embassies in France and Belgium. “This fund is designed to finance the main components of the project by securing contracts and remuneration for technical operators and investors in several sectors,” explains Carousel Finance management. According to the same source, the fund will “provide clear risk allocation, efficient operational coordination and a sustainable capital commitment, aligned with the progressive development of the project.” All are “framed by international standards.”

Upcoming Economic Forum

The CSSPVK website, launched in January 2024, puts the total cost of the “Kia Kinshasa Mona” project at $50 billion, though it’s unclear if this matches the fund’s actual fundraising target, as no size has been specified yet.

Carousel Finance is clearly courting major players. In France, the investor meetings drew representatives from Africa Global Logistics, CMA CGM, KPMG, Accor, Nexans, Citi, Sunna Design, Dassault Systèmes, Eiffage, and King & Spalding. In Belgium, the lineup included the Port of Antwerp, IIDG, Besix, Deme, Siemens Belgium, Rawbank, as well as public agencies like Awex and Bio Invest

These sessions are paving the way for a major economic forum in London, date still to be announced. The goal: to “structure concrete commitments around the project,” says Marius Esposito, head of strategic partnerships at Carousel Finance. On April 29, 2025, Carousel’s chairman, Jafar Hilali, met with the DRC’s ambassador to the UK, Ndolamb Ngokwey, to discuss the event.

Planned Works

According to the CSSPVK, seven sub-projects have already been finalized and are scheduled to kick off by June 2025. These include the construction of an administrative and business city, as well as an industrial center entrusted to China State Construction Engineering, a firm chosen for its global expertise and track record in large-scale urban projects. An agreement for these works was signed at the Africa-China Forum in September 2024, and both contracts have been reviewed by the partnership regulatory agency. The total estimated cost for these infrastructures stands at $8 billion, according to Belgian newspaper L’Echo.

Another major project underway is a hospital complex, awarded to a consortium of Antwerp-based International Infrastructure Development Group (IIDG) and Morocco’s Travaux Généraux de Construction de Casablanca (TGCC), with support from Bpifrance, and budgeted at $300 million.

Last March, two additional protocols were signed with Congolese companies: one with Entreprise Kipelo Maschind Multiservices (EKMM) for a 5-megawatt solar power plant and related infrastructure, and another with MJ Center to develop a river transport system connecting Kinshasa to the future city.

Thousands of new jobs

The "Kia Kinshasa Mona" project is a massive $50 billion initiative to create a modern extension of Kinshasa, spanning 43,000 hectares, or about 4.7% of the capital, according to a JICA 2019 study. The project’s developers claim the new city will accommodate up to 5 million people-significant, but still only a fraction of Kinshasa’s estimated 20 million residents, a population growing at 3% per year. They also said thousands of jobs will be created under the initiative. 

For now, it is unclear if the project will be integrated into Kinshasa’s Transport Master Plan (PDTK)-critical for connecting the old and new cities.

This article was initially published in French by Georges Auréole Bamba

Edited in English by Ola Schad Akinocho

Access Bank DRC closed 2024 with a balance sheet total of CDF1,154 billion-about USD409.8 million at the year’s average exchange rate, still below its USD524 million target. Even at the 2023 rate, it’s only USD489.36 million. The bank reported a CDF3.3 billion capital loss due to franc depreciation. According to the source, a post on the lender’s official LinkedIn page, Access Bank DRC expects a balance sheet total of USD697 million and USD900 million in 2025 and 2026, respectively.

In a press conference, the bank reported a potential capital loss of CDF3.3 billion, attributed to the depreciation of the Congolese franc in 2024. But even applying the average exchange rate for 2023 (2,350 CDF/USD), on which the targets were based, the balance sheet total of CDF1,154 billion is equivalent to 489.36 million USD, still below the target.

By July 2026, unless the moratorium is extended, Access Bank RDC, like many other banks in the Democratic Republic of Congo, will have to comply with new regulations issued by the Central Bank of Congo limiting the maximum holding of a single shareholder to 55%. The Holdings, based in Nigeria, currently holds 99.7% of its Congolese subsidiary’s capital. In addition, several unconfirmed sources report that the Central Bank of Nigeria (CBN) is forcing the group to dispose of its assets in the DRC in order to obtain the green light for the acquisition of the National Bank of Kenya (NBK).

In this context, the balance sheet total and its components will be key indicators for potential investors. Beyond the depreciation of the Congolese franc, Access Bank RDC will have to explain the reasons for the deviation from its 2024 forecasts. The publication of the 2024 Pillar 3 report on its website should provide further clarification.

In the meantime, the lender reported that its net income rose sharply to about CDF27 billion, a 91.7% increase over 2023, with a dollar equivalent increase of 59.7% using the 2023 exchange rate.

The bank, more than 80% of whose business is with corporates (according to its 2023 report), also reported an increase in customer deposits to CDF810.7 billion.

"This performance reflects our financial strength and our anchoring in the Congolese economy. Access Bank RDC remains committed to offering quality, innovative and inclusive services," said the bank, commenting on its results.

Further analysis of this performance will better highlight the bank's strengths, but also the challenges it faces.

This article was initially published in French by Georges Auréole Bamba

Edited in English by Ola Schad Akinocho

The Democratic Republic of Congo (DRC) aims to produce 1.54 billion normo cubic meters (Nm³) of biogas per year by 2030, according to the 2024 annual report of the ANSER, the National Agency for Rural Electrification. Biogas, produced by methanization-the decomposition of organic matter in the absence of oxygen-offers a clean cooking energy alternative.

To reach this goal, the Integrated Biogas Program (PIB) was refined in 2024 to structure the biogas market. The ANSER, responsible for the industrial component, plans to attract public and private investment, facilitate financing, secure land and raw materials, establish distribution, and raise awareness about biogas use.

Since 2023, the ANSER has been in discussions with the United Nations Capital Development Fund (UNCDF) and the United Nations Development Programme (UNDP) to develop financing mechanisms such as credit, subsidies, and guarantees for the program and private sector participants.

To mitigate risks of land disputes and costs, methanization units are planned within the Maluku Special Economic Zone (ZES), 60 km from Kinshasa, with ANSER engaging the ZES agency on this matter.

Raw material supply is secured through partnerships with Kinshasa-based companies like Bralima, Bracongo, and Midema, which have agreed in principle to provide organic waste from industrial processes. Altech has also expressed interest in investing in a biogas filling center and retail distribution to facilitate access.

The ANSER plans to demonstrate the project’s viability by launching a pilot biogas plant with a 10,000 m³ monthly capacity by August 2025 in the Maluku SEZ.

Additionally, the UNDP leads a domestic biogas initiative aiming to equip 500,000 rural and urban households with biodigesters for cooking and lighting.

Aligned with its Energy Compact, the DRC targets a 30% adoption rate of clean cooking technologies by 2030, reducing dependence on solid fuels still used by over 95% of households. This would benefit approximately 40 million people with alternative cooking solutions.

This article was initially published in French by Pierre Mukoko and Boaz Kabeya (intern)

Edited in English by Ola Schad Akinocho

The Kamoa-Kakula mine generated revenues of $973 million in the first quarter of 2025, up 57% year-on-year. Ivanhoe Mines, which runs the mine, released the data on April 30. Kamoa-Kakula is located in the Democratic Republic of Congo (DRC).

Over the period reviewed, the mine’s EBITDA (earnings before interest, taxes, depreciation and amortization) rose from $384 million to $585 million, doubling net income to $266 million. This profit is shared between the mine's various owners: Ivanhoe Mines and the Chinese group Zijin Mining, who respectively hold 39.6% of the shares, the Congolese state with 20%, and Crystal River with 0.8%.

Copper price trends

Between Q1 2024 and Q1 2025, Kamoa-Kakula’s copper output jumped 54% to stand at 133,120 tonnes. Consequently, Ivanhoe sold more copper over the period - 109,963 tonnes in the first quarter of 2025, compared with 85,155 tonnes a year earlier. Also, the metal was sold at a higher average price: $4.19 per pound in Q1 2025, against $3.82 in Q1 2024.

This year, Ivanhoe aims to produce 520,000 to 580,000 tonnes of copper from the mine, and around 600,000 tonnes from 2026 onwards, compared with 437,061 tonnes produced in 2024. However, the level of revenue generated by Kamoa-Kakula will depend on copper price trends.

These prices were greatly impacted by the ongoing US-China trade warn. On the London Metal Exchange, the spot price of copper reached $9,200 per tonne at the end of April, after dropping to $8,500 at the beginning of the month.

This article was initially published in French by Emiliano Tossou

Edited in English by Ola Schad Akinocho

Selon Reuters, la République démocratique du Congo (RDC) a conclu un accord, depuis plusieurs mois, avec l’ancien officier des forces spéciales de la marine américaine (Navy SEAL), Erik Prince, pour sécuriser les recettes minières. Il s’agit de veiller à ce que « les industries extractives et autres opèrent de manière transparente, et que leur production et leurs revenus soient correctement distribués conformément au Code minier congolais », a affirmé l’une des sources citées par l’agence de presse internationale.

Conclu avant l’offensive lancée en janvier par les rebelles du M23, soutenus par le Rwanda, cet accord vise à générer davantage de revenus en luttant contre la contrebande et la corruption dans le secteur minier. Aucune précision n’a cependant été donnée sur les modalités d’exécution. On sait seulement que les équipes devaient commencer par le sud du pays, notamment dans le Katanga, où la RDC perdrait jusqu’à 40 millions de dollars de recettes mensuelles, rien qu’à la frontière entre Kolwezi et la Zambie, selon une source citée par Reuters.

Pour 2025, la RDC projette des recettes minières supérieures à 5 milliards de dollars, en hausse de 11 % par rapport aux prévisions de 2024. Mais à en croire les autorités, ces recettes pourraient être bien plus importantes si le pays parvenait à réduire la contrebande et la corruption dans ce secteur clé.

Dans ce contexte, le gouvernement multiplie les initiatives pour sécuriser les ressources minières. Depuis octobre 2024, le président Félix Tshisekedi a ordonné un renforcement des contrôles aux frontières des zones minières.

Erik Prince, homme d’affaires américain né le 6 juin 1969 à Holland (Michigan), est un ancien officier des Navy SEALs. Il a fondé en 1997 la société militaire privée Blackwater Worldwide (aujourd’hui Academi), qu’il a vendue en 2010, après que plusieurs de ses employés ont été inculpés pour des homicides de civils en Irak. Ces derniers ont été condamnés, puis graciés par Donald Trump lors de son premier mandat.

Proche de l’actuel président américain, Erik Prince pourrait bénéficier de l’accord minier en cours de discussion entre Washington et Kinshasa.

Par l’intermédiaire de l’une de ses sociétés, Frontier Services Group (FSG), il a signé des contrats de protection d’actifs miniers en RDC appartenant à des entreprises chinoises. En décembre 2020, le journal Africa Intelligence révélait ainsi que FSG avait conclu un accord avec Sicomines. Quelques mois plus tôt, le même média avait rapporté l’existence d’un contrat avec China Nonferrous Metal Mining Corp (CNMC).

Ronsard Luabeya, stagiaire

Lire aussi :

Sud-Kivu : 1600 entreprises minières illégales recensées (gouverneur)

Exportations d’or artisanal : 2025 démarre mal pour la RDC après une chute de 66 % en 2024

Conflit à l’est de la RDC : 38 sites miniers interdits d’exploitation pour asphyxier le M23

Trafic de coltan en RDC : un rapport de l’ONU met en cause le Rwanda

Soventix GmbH will contribute to the solar energy with storage project to power the Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC). The German firm announced this on April 30, 2025. 

According to the announcement, Soventix will be involved in the planning, project management, and supply of components, while CrossBoundary Energy, a developer specializing in renewable energy solutions for businesses, will operate the entire scheme. In early April, Kamoa Copper, the complex’s owner, and CrossBoundary Energy signed a power purchase agreement.

The project includes building a 222 MWp solar power plant, combined with a 526 MWh storage system, capable of supplying a stable 30 MW of power to the mine.

The Kamoa-Kakula complex is one of Africa's most advanced copper projects. The complex could require around 240 MW of energy after the completion of its first, second, and third phases, and when its smelter is fully operational, in 2026. The solar power plant and storage project is just one of the initiatives being implemented to guarantee a clean, stable energy supply.

Already present in Nigeria, Kenya, and Rwanda, Soventix expands its footprint in Africa with the Congolese project. For its part, CrossBoundary is backed by the Norwegian fund Norfund, an alliance that supports a basic renewable model tailored to the needs of African heavy industry.

This article was initially published in French by Abdoullah Diop

Edited in English by Ola Schad Akinocho

Congolese Foreign Trade Minister Julien Paluku recently banned imports of cement bags, packaging, and big bags into the southeastern part of the Democratic Republic of Congo (DRC). The one-year ban was relayed via a press release dated April 28. Reasons for the move were not given.

Bags and Sacs (B&S), which dominates the DRC’s cement bag market, should significantly benefit from the move, along with other local actors. B&S has two plants in the country: one in Kimpese with a 40-million cement bag annual capacity, and another in Lubumbashi that produces 2 million big bags or 70% of national demand. The firm also produces 36 million cement and farming bags. 

During the DRC Mining Week 2024, Hussein Ladha, who heads B&S, stressed that the firm’s major obstacle is the resistance of mining companies, which prefer importing big bags. The recent ban should be a great boost. It is worth noting that the Congolese government previously provided B&S a $12 million FPI loan.

However, the recent press release emphasized that if local supply falls short in parts of the country, companies can request a free import waiver from the Minister of Foreign Trade, provided they submit a detailed, validated file through SEGUCE-RDC.

This article was initially published in French by Ronsard Luabeya

Edited in English by Ola Schad Akinocho

The port of Ilebo, located in the Kasaï province, is active again. On April 30, the port’s operations coordinator, Willy Mizumu, announced the arrival of its first ship carrying 1,000 tonnes of cement.

The port was rehabilitated after being devastated last July by a fire. Rehabilitation works included relaunching the port’s thermal power plant and installing a giant collector to stop erosion.

Rail traffic between Kananga and Ilebo, interrupted for months due to track erosion, resumed in February after the SNCC moved rails in critical areas to bypass damaged zones.

Risks remain, especially track erosion between Tshilubulu and Bena Leka, threatening connectivity between Kasaï and Kasaï-Central.

The port, a vital supply chain link for central DRC, had been paralyzed by the loss of river links with Kinshasa and halted industrial shipments, making operations economically unviable.

Managed by SNCC, Ilebo is one of the country’s main inland ports and part of a multimodal project supported by NEPAD-IPPF and the African Development Bank. The project aims to connect Central and Southern Africa with a rail bridge between Brazzaville and Kinshasa, a link to the Kinshasa-Ilebo railroad, a road, and a single border post.

Ronsard Luabeya (intern)

Starlink has been allowed to operate in the Democratic Republic of Congo (DRC). According to a press release dated May 2, 2025, the country’s telecom regulator, the ARPTC, granted an operating permit to Starlink DRC S.A., the local subsidiary of SpaceX Group's satellite Internet service provider. Starlink is Elon Musk's initiative to provide high-speed Internet access worldwide via a constellation of low-earth orbit satellites.

The firm secured the permit after regularizing its administrative situation. It can now operate in compliance with the DRC’s regulations.

The Congolese people, especially in rural and remote areas, should significantly benefit from the breakthrough. Starlink's services should come online in a few days.

Billionaire Elon Musk's company joins a Congolese market already occupied by 33 ISPs, according to ARPTC's biannual report (second half 2023) on the market observatory for the provision of Internet services. The advent of Starlink also coincides with preparations for the launch of 5G in the DRC.

The same report indicates that the DRC had over 29.9 million mobile Internet subscribers, compared with just 23,267 for fixed Internet in 2023. The penetration rate remains very low for fixed-line (0.024%), compared with 31.49% for mobile. Compared with the previous half-year, the total number of subscribers rose by 15.4%. The Internet services market generated over $599.1 million, but the revenue recovery rate for fixed Internet remains low, reaching just 48.3% among identified providers. According to the 2025 Mobile Economy report, published last March, the DRC is set to welcome 15 million new mobile Internet subscribers between 2025 and 2030.

On a mission to Washington (USA) in March 2025, Augustin Kibassa Maliba, Minister of Posts, Telecommunications and Digital (PTN), met with Starlink representatives. The meeting focused on the possibility of deploying Starlink's satellite technology to improve Internet access, particularly in rural areas where almost 70% of the population remains unconnected. At the end of the discussions, the two parties agreed to take the necessary administrative steps to launch Starlink's activities in the DRC, including drawing up specifications and obtaining operating licenses.

Ronsard Luabeya

En visite officielle à Kinshasa, le vice-Premier ministre et ministre belge des Affaires étrangères, Maxime Prévot, a plaidé pour une amélioration du climat des affaires en République démocratique du Congo (RDC), afin de favoriser l’afflux de capitaux étrangers, notamment belges.

À l’issue de ses rencontres avec le président Félix Tshisekedi, la Première ministre Judith Suminwa et le ministre des Finances, le 28 avril dernier, le diplomate belge a insisté sur l’importance de garantir la sécurité juridique des investisseurs.

« La RDC a besoin d’investissements et de capitaux, notamment étrangers, pour poursuivre son développement économique… Pour favoriser ces investissements, il faut offrir un maximum de sécurité et de prévisibilité à ceux qui souhaitent s’y engager », a-t-il déclaré.

Parmi les préoccupations soulevées, le ministre a évoqué les lenteurs administratives liées à l’octroi du quitus fiscal obligatoire, qui freinent l’accès au marché et découragent les porteurs de projets étrangers. Il a également attiré l’attention sur les modalités de remboursement de la TVA, jugées encore peu claires, ce qui expose les entreprises à des charges financières imprévues.

Maxime Prévot a aussi insisté sur l’urgence d’adopter les quatre arrêtés d’exécution du Start-up Act, un dispositif législatif salué par les milieux d’affaires, mais dont l’opérationnalisation reste en suspens. « C’est une démarche extrêmement positive initiée par le gouvernement congolais. Mais pour qu’elle produise ses effets, il est indispensable que ces arrêtés soient pris rapidement », a-t-il souligné.

Pour rappel, le Start-up Act de la RDC est l’ordonnance-loi n° 22/030 du 8 septembre 2022. Il vise à promouvoir l’entrepreneuriat et les startups en créant un environnement favorable à l’innovation, à la croissance économique et à la création d’emplois.

Le ministre belge a également abordé la problématique des retards de paiement des sous-traitants dans le cadre des marchés publics. Un sujet qu’il qualifie de crucial pour assurer la viabilité financière des entreprises et maintenir une dynamique économique locale.

En RDC, les acteurs économiques réunis au sein de la Fédération des entreprises du Congo (FEC) appellent régulièrement à l’amélioration du climat des affaires, dénonçant une fiscalité lourde, des procédures administratives contraignantes et un accès limité au financement.

En mars dernier, le président Félix Tshisekedi a lancé les travaux d’élaboration d’un plan stratégique de sept mois visant à améliorer l’environnement des affaires. Ce programme prévoit la simplification de l’administration, la réforme de la fiscalité et la valorisation du Made in Congo pour stimuler l’économie nationale.

Ronsard Luabeya, stagiaire

Lire aussi :

Extension du quitus fiscal en RDC : une période de grâce après à l’alerte des patrons

TVA : la RDC prévoit d’étendre la collecte automatisée à toutes les entreprises en 2025