The Democratic Republic of Congo is seeking to expand financing options for small businesses and startups. On March 24, 2026, Justin Kalumba Mwana-Ngongo, minister of entrepreneurship and SME development, signed a ministerial order regulating the rollout of a pilot project for alternative financing, signaling a move from planning to implementation.

The initiative implements Ordinance-Law No. 22/030 of Sept. 8, 2022, which establishes crowdfunding, crowdlending and crowdinvesting as financing instruments for businesses.

"The financing system remains largely dominated by microfinance and poorly suited to the needs of growth-stage SMEs," the minister said. Several studies back this assessment. Bank credit in the DRC represents only about 7% of GDP, compared with an average of more than 45% across sub-Saharan Africa, according to a 2019 report by FINACTU.

A 2024 World Bank survey found that companies remain heavily reliant on their own resources, with 84% of investments financed through internal funds, compared with just 8% from the banking sector. The same survey showed that access to credit varies significantly by company size: only 6% of small businesses hold a bank loan, compared with 18% of medium-sized firms and 51% of large ones.

In this context, the pilot project aims to facilitate access to capital for young companies, diversify financing sources and develop an ecosystem of local and international investors, including members of the diaspora.

FOGEC at the Heart of the Initiative

The program is built around two main pillars: participatory financing platforms and business angel investment. Crowdfunding allows entrepreneurs to raise funds from a broad public through digital platforms, while business angels provide not only capital but also expertise and networks.

In the DRC, the market is still underdeveloped, primarily due to the absence of a clear regulatory framework. A 2025 Deloitte study identified the legal gap as a major obstacle and recommended "the establishment of clear rules to protect investors and regulate platforms." The pilot project aims to address those barriers by testing an operational framework before any national rollout.

The Fonds de garantie de l'entrepreneuriat au Congo, known as FOGEC, is central to the project. The public institution is expected to serve as a trusted intermediary between entrepreneurs, investors and regulators. In practice, FOGEC will partially guarantee financing to reduce risk for investors, structure and validate projects, and coordinate with the central bank and financial partners, including the diaspora.

For FOGEC, innovative financing represents "an opportunity to mobilize local and international savings for the benefit of SMEs." The Congolese financial system has low financial inclusion: only 12% of adults hold a bank account, and more than half the population is excluded from formal financial services.

The success of the project will depend on several factors, including the effective establishment of the platforms, investor confidence and, above all, FOGEC's capacity to ensure secure operations and develop the ecosystem.

Pierre Mukoko & Ronsard Luabeya

La République démocratique du Congo (RDC) franchit une nouvelle étape dans la diversification des sources de financement des PME et des start-up. Le 24 mars 2026, le ministre de l’Entrepreneuriat et du Développement des PME, Justin Kalumba Mwana-Ngongo, a signé un arrêté ministériel encadrant le déploiement d’un projet pilote dédié au financement alternatif, marquant le passage d’une phase de réflexion à une phase opérationnelle.

Cette initiative s’inscrit dans la mise en œuvre de l’Ordonnance-loi n°22/030 du 8 septembre 2022, qui consacre notamment le recours au crowdfunding, au crowdlending et au crowdinvesting comme instruments de financement des entreprises.

Selon le ministre, « le système de financement reste encore largement dominé par la microfinance et peu adapté aux besoins des PME en phase de croissance ». Cette réalité est confirmée par plusieurs études. En RDC, les crédits bancaires ne représentent que 11 % du PIB, contre plus de 45 % en moyenne en Afrique subsaharienne.

Par ailleurs, selon une enquête de la Banque mondiale réalisée en 2024, les entreprises restent fortement dépendantes de leurs ressources propres : 84 % des investissements sont financés par fonds internes, contre seulement 8 % par le secteur bancaire. Cette même enquête montre aussi que l’accès au crédit demeure très inégal selon la taille des entreprises : seules 6 % des petites entreprises disposent d’un prêt bancaire, contre 18 % des moyennes et 51 % des grandes.

Dans ce contexte, le projet pilote vise à faciliter l’accès aux capitaux pour les jeunes entreprises, à diversifier les sources de financement et à structurer un écosystème d’investisseurs locaux et internationaux, y compris la diaspora.

FOGEC au cœur du dispositif

Le dispositif met l’accent sur deux leviers principaux : les plateformes de financement participatif et l’intervention des business angels. Le crowdfunding permet aux entrepreneurs de lever des fonds auprès d’un large public via des plateformes numériques, tandis que les business angels apportent des capitaux, mais aussi de l’expertise et des réseaux.

En RDC, ce marché reste embryonnaire, principalement en raison de l’absence, jusqu’ici, d’un cadre réglementaire clair. Une étude de Deloitte publiée en 2025 identifiait ce vide juridique comme un frein majeur et recommandait « la mise en place de règles claires pour protéger les investisseurs et encadrer les plateformes ». Le projet pilote vise précisément à lever ces contraintes en testant un cadre opérationnel avant une généralisation à l’échelle nationale.

Le Fonds de garantie de l’entrepreneuriat au Congo (FOGEC) est au centre du projet. L’institution publique est appelée à jouer un rôle de tiers de confiance entre les entrepreneurs, les investisseurs et les régulateurs. Concrètement, le FOGEC interviendra pour garantir partiellement les financements afin de réduire le risque pour les investisseurs, structurer et valider les projets, ainsi qu’assurer la liaison avec la Banque centrale et les partenaires financiers, y compris la diaspora.

Pour le FOGEC, le financement innovant constitue « une opportunité pour mobiliser l’épargne locale et internationale au profit des PME ». Le système financier congolais reste en effet marqué par une faible inclusion : seulement 12 % des adultes disposent d’un compte bancaire et plus de la moitié de la population est exclue des services financiers formels.

La réussite de ce projet dépendra toutefois de plusieurs facteurs : la mise en place effective des plateformes, la confiance des investisseurs, mais surtout la capacité du FOGEC à sécuriser les opérations et à structurer l’écosystème.

Pierre Mukoko et Ronsard Luabeya

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The Congolese subsidiary of Australia’s AVZ Minerals has lost one of its exploration permits in Manono territory, Tanganyika province, according to a list of forfeiture decisions published on March 19, 2026 by the Mining Registry (CAMI).

The permit, PR 4029, is held by AVZ Minerals Congo SARLU and covers 79 mining blocks. It was forfeited due to non-payment of annual surface fees.

Under the current mining code, the holder of a forfeited permit has 30 days from notification to file an appeal. AVZ Minerals has not publicly commented on the forfeiture of PR 4029 or indicated whether it plans to appeal.

PR 4029 is part of the Manono Extension Project, which AVZ has been developing around the main Manono lithium deposit. The project includes two exploration permits, PR 4029 and PR 4030, covering a combined area of about 242.25 square kilometres.

According to AVZ, the permits were intended to identify potential extensions of the deposit, particularly toward the southwest and northeast, based on geological indicators suggesting mineralization may extend beyond the known main zone.

The forfeiture comes amid an ongoing dispute over the Manono project. The two extension permits partly surround the area covered by mining permit PE 15775, awarded to Manono Lithium SAS, a joint venture between China’s Zijin Mining and state-owned Cominière.

AVZ continues to challenge, in proceedings before the International Centre for Settlement of Investment Disputes (ICSID), the loss of its rights over former permit PR 13359, which was later converted into mining permit PE 15775.

Despite the dispute, development of the Manono project by Zijin and Cominière is continuing. The partners are targeting commissioning by end-June 2026, with construction of mining and processing infrastructure ongoing. Investment in this first phase is approaching $1 billion.

Timothée Manoke

The Democratic Republic of Congo’s finance ministry has awarded Rothschild & Co a services contract to support the country’s planned entry into international capital markets and help mobilize new financing.

Finance Minister Doudou Fwamba signed the contract award on March 24, 2026. The agreement runs for 12 months, with a quarterly fee of €500,000, excluding VAT, for a total of €2 million over the full period.

The contract was awarded through a negotiated procedure. According to the award decision, authorities filed a request for special authorization on Oct. 13, 2025. On Nov. 10, the Directorate General for Public Procurement Control (DGCMP) approved the use of this procedure and issued a no-objection clearance on the negotiation records and draft contract. A request for contract approval was then submitted to Prime Minister Judith Suminwa in December 2025.

The agreement is part of preparations for Congo’s first international bond issuance, aimed at raising $750 million. The award decision does not specify Rothschild & Co’s exact mandate. In January 2026, Bloomberg reported that Citigroup would lead the transaction with support from Rawbank, while Rothschild & Co would act as financial adviser and White & Case LLP as legal counsel.

According to Africa Business+, Rothschild was among advisers involved in Côte d’Ivoire’s eurobond issuance in March 2025. The Ivorian government raised $1.75 billion at a rate of 6.45% for an 11-year tenor, with orders reaching $5.2 billion.

Congolese authorities aim to complete the transaction before the end of the first half of 2026, although the timeline remains uncertain. In a report published in January 2026, the International Monetary Fund said a bond issuance before mid-2026 was unlikely, citing outstanding technical work, pending investor engagement and the need for prior parliamentary approval.

With this contract, the government is taking a further step toward entering international capital markets, though the timing and final terms of the transaction have yet to be finalized.

Timothée Manoke 

La filiale congolaise du groupe australien AVZ Minerals a perdu l’un de ses permis de recherche dans le territoire de Manono, dans la province du Tanganyika, selon la liste des arrêtés de déchéance publiée le 19 mars 2026 par le Cadastre minier (CAMI). Le titre concerné est le PR 4029, détenu par AVZ Minerals Congo SARLU, qui couvre 79 carrés miniers. Le motif de la déchéance est le non-paiement des droits superficiaires annuels.

En vertu le Code minier en vigueur, le titulaire d’un titre frappé de déchéance dispose d’un délai de trente jours pour introduire un recours après notification de la décision. À ce stade, AVZ Minerals ne s’est pas publiquement exprimée sur la perte du PR 4029 ni sur l’éventualité d’un recours.

Le PR 4029 fait partie du Manono Extension Project développé par AVZ autour du gisement principal de lithium de Manono. Ce projet d’extension regroupe deux permis de recherche, PR 4029 et PR 4030, pour une superficie totale d’environ 242,25 km².

Selon AVZ, ces permis visaient à identifier d’éventuels prolongements du gisement, notamment vers le sud-ouest et le nord-est, à partir d’indices géologiques laissant envisager une continuité de la minéralisation au-delà de la zone principale déjà connue.

Cette déchéance intervient dans un dossier déjà marqué par un contentieux international autour du projet de Manono. Les deux permis d’extension entourent en partie la zone couverte par le permis d’exploitation PE 15775, attribué à Manono Lithium SAS, coentreprise détenue par le groupe chinois Zijin Mining et la société publique congolaise Cominière.

AVZ continue de contester, dans le cadre d’une procédure engagée devant le Centre international pour le règlement des différends relatifs aux investissements (CIRDI), la perte de ses droits sur l’ancien PR 13359, transformé ensuite en permis d’exploitation PE 15775. Il s’agit de la position défendue par la société australienne dans ce litige.

Malgré ce contentieux, le développement industriel du projet de Manono porté par Zijin et Cominière se poursuit. Les promoteurs ont indiqué viser une mise en service à la fin du mois de juin 2026, tandis que les travaux de construction des infrastructures minières et de traitement se poursuivent. L’investissement associé à cette première phase approche un milliard de dollars.

Timothée Manoke   

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Lithium de Manono : l’investissement de Zijin estimé à près d’un milliard de dollars

Lithium de Manono : l’investissement de Zijin estimé à près d’un milliard de dollars

Le ministère des Finances a attribué au cabinet Rothschild & Cie un marché de services d’accompagnement de la République démocratique du Congo en vue de préparer son accès aux marchés internationaux des capitaux et de mobiliser de nouveaux financements. La décision d’attribution définitive, signée le 24 mars 2026 par le ministre des Finances, Doudou Fwamba, fixe la durée de la mission à douze mois. Le contrat prévoit une rémunération de 500 000 euros hors taxes par trimestre, soit un montant total de 2 millions d’euros HT sur l’ensemble de la période.

Le document précise que le marché a été passé selon la procédure de gré à gré. La chronologie retracée dans la décision mentionne une demande d’autorisation spéciale adressée le 13 octobre 2025, suivie, le 10 novembre 2025, d’une autorisation de la Direction générale du contrôle des marchés publics (DGCMP) pour recourir à cette procédure, ainsi que d’un avis de non-objection sur le procès-verbal des négociations et le projet de contrat. Une demande d’approbation du contrat a ensuite été transmise à la Première ministre, Judith Suminwa, en décembre 2025.

Ce marché s’inscrit dans le cadre de la préparation de la première émission obligataire internationale de la RDC, qui ambitionne de lever 750 millions de dollars. La décision du ministre des Finances ne détaille toutefois pas les missions de Rothschild & Cie. En janvier 2026, Bloomberg a rapporté que Citigroup piloterait l’opération avec l’appui de Rawbank, tandis que Rothschild & Cie interviendrait comme conseil financier et White & Case LLP comme conseil juridique.

L’expérience récente de Rothschild sur le continent éclaire son positionnement sur ce type de mandat. Selon Africa Business+, le cabinet figurait parmi les conseils mobilisés lors de l’émission d’eurobond réalisée par la Côte d’Ivoire en mars 2025. Le gouvernement ivoirien avait alors levé 1,75 milliard de dollars à un taux de 6,45 % pour une maturité de 11 ans, avec un carnet d’ordres ayant atteint 5,2 milliards de dollars.

L’objectif affiché par les autorités congolaises est de boucler l’opération avant la fin du premier semestre 2026. Mais cette échéance reste incertaine. Dans un rapport publié en janvier 2026, le Fonds monétaire international estime qu’une émission avant la mi-2026 demeure peu probable, compte tenu des diligences techniques encore nécessaires, des échanges à conduire avec les investisseurs et de la nécessité d’obtenir une approbation parlementaire préalable.

Avec ce contrat, le gouvernement congolais franchit donc une nouvelle étape dans la structuration de son entrée sur les marchés internationaux des capitaux, même si le calendrier et les conditions effectives de l’opération restent encore à sécuriser.

Timothée Manoke 

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Eurobond : la RDC réduit de moitié l’objectif de sa première émission à 750 millions $

Eurobond : le coup de pouce de Standard & Poor’s à la RDC

An emergency operation is underway in Kikwit, Kwilu province, after erosion severed the Wazabanga road linking National Road No. 1 (RN1) to the city centre, the Ministry of Infrastructure and Public Works said.

Torrential rains overnight March 24-25, 2026, triggered the damage, the ministry said, adding that the downpours also caused loss of life and extensive damage.

At the president’s request, Infrastructure and Public Works Minister John Banza Lunda travelled to Kikwit on March 25 to assess the situation. He inspected the erosion site in the Nzinda commune before holding an emergency meeting with ministry technical teams.

Following the assessment, authorities decided to begin urgent repair work to stabilise the damaged road, protect infrastructure belonging to the national electricity company (SNEL), and restore access for residents.

Local sources said the affected stretch is a key route for urban traffic and helps ease congestion on RN1. Its disruption is affecting travel and supplies to the city.

The collapse comes amid worsening erosion in Kikwit. In February 2026, the mayor of Nzinda had already warned about a growing ravine in the area, which destroyed several homes and left families in vulnerable conditions, according to the Congolese Press Agency (ACP).

The mayor had also warned that advancing erosion could sever the Wazabanga road.

Boaz Kabeya

Congolese authorities have declared a radiological emergency at the T17 waste rock zone in Kolwezi, Lualaba province, after radioactive materials were discovered at a site where artisanal miners were operating.

In a statement released on March 23, 2026, Higher Education and Scientific Research Minister Sombo Ayanne Safi Mukuna Marie-Thérèse, acting as the country’s nuclear regulator, warned of a major risk to public health, national security and the environment.

According to multiple media reports, the decision followed uncontrolled artisanal mining activities that exposed radioactive substances, potentially affecting nearby populations and ecosystems. Authorities said the measure aims to contain contamination, secure the site and protect exposed communities.

The government announced the deployment of specialized teams on site, along with experts tasked with assessing risk levels and implementing decontamination, protection and monitoring systems. It stressed the need for a rapid and coordinated response to prevent the situation from deteriorating.

Health risks well documented

Exposure to radioactive materials poses well-documented health risks. Ionizing radiation can penetrate biological tissues, damage DNA and lead to severe health effects, including cellular damage and long-term diseases. Exposure may occur through inhalation of contaminated particles, ingestion or prolonged contact—scenarios common in artisanal mining environments.

The emergency declaration aligns with international risk management standards, particularly those promoted by the International Atomic Energy Agency (IAEA), which emphasize preparedness, detection and rapid response to radiological incidents.

Authorities said they would mobilize the necessary resources, ensure transparency and coordinate response efforts. They also urged the public to strictly follow safety instructions, warning that even localized radioactive contamination can pose serious risks if left uncontrolled.

Boaz Kabeya

The Democratic Republic of Congo, Zambia and Tanzania are working to establish measures to secure and modernize the southern section of the Central Corridor, a strategic axis linking the port of Dar es Salaam to major commercial and mining hubs in the region.

According to local media reports, representatives from the three countries met on March 24, 2026, in Lubumbashi to review and approve feasibility studies aimed at improving goods flows and strengthening security along the route. The initiative is supported by TradeMark Africa, with funding from the United Kingdom through the Foreign, Commonwealth and Development Office (FCDO).

The studies outline several measures, including the introduction of electronic payment systems at border posts and the deployment of surveillance technologies, notably video monitoring and cargo tracking. They also highlight the need for stronger coordination between countries and improvements in border procedures. These recommendations are based on consultations with transporters, customs authorities, law enforcement agencies and private operators.

According to TradeMark Africa, this work, underway since November 2025 as part of a partnership with the Central Corridor Transit Transport Facilitation Agency (AFTTCC), identified several challenges, including continued reliance on cash payments, security risks, cargo theft, the spread of unofficial checkpoints and coordination gaps between cross-border institutions.

In this context, the DRC has implemented security measures on certain sections of the corridor, notably between Tunduma and Lubumbashi, in coordination with neighboring countries.

These initiatives build on ongoing regional efforts. In January 2026, the DRC and Zambia committed to strengthening security on the Kolwezi-Kasumbalesa corridor following repeated attacks on trucks transporting copper and cobalt, sometimes involving violence against drivers.

Ronsard Luabeya

In addition to producing 500,000 metric tons per year of 99.7% pure copper anodes, Kamoa Copper’s smelter can generate 700,000 metric tons of sulfuric acid annually, a byproduct that is gaining value in the Congolese Copperbelt amid conflict in the Middle East.

Sulfuric acid is a key input in the leaching process used to extract copper from oxide ores. A significant share of Congolese output, estimated at 3.5 million metric tons in 2025, relies on such deposits, particularly in Lualaba and Haut-Katanga provinces. The availability of this input directly affects production volumes and operating costs.

So far, most of the sulfuric acid used in the region has been produced from imported sulfur. According to Robert Friedland, executive co-chairman of Ivanhoe Mines, which holds a 39.6% stake in Kamoa Copper, up to 80% of the sulfur imported into the Copperbelt passes through the Strait of Hormuz, a corridor now disrupted by the conflict in the Middle East.

“Over the past week, we have begun to observe an increase in the price of acid in the Congolese Copperbelt due to the lack of sulfur exported from the Middle East via the Strait of Hormuz. If supply remains constrained, prices should continue to rise,” Friedland said in a March 23 post on X.

This makes the Kamoa Copper smelter more important. Unlike most operators, the project processes sulfide ore, which does not require sulfuric acid. The refining process also produces it as a byproduct. This allows Kamoa to avoid the constraint and become a key supplier to the rest of the sector.

Additional revenue

According to Friedland, the smelter currently produces 1,600 metric tons per day of high-concentration sulfuric acid, sold for between $470 and $500 per metric ton to mining operations in the Congolese Copperbelt. He described the price as competitive, noting that even before the outbreak of the war in the Middle East, sulfur prices had risen sharply in recent months due to global supply constraints, reaching between $500 and $600 per metric ton in January depending on the region.

The situation is also boosting the project’s profitability. At current price levels, sulfuric acid sales could generate more than $300 million in annual revenue. This additional stream complements copper production, which is expected to reach between 370,000 and 420,000 metric tons in 2026. The smelter also allows Kamoa Copper to nearly halve its logistics costs by exporting copper anodes rather than concentrate, according to company executives.

By contrast, most other operators in the Copperbelt are directly affected by the shock due to their reliance on sulfuric acid. Higher input costs are weighing on margins and widening competitive gaps within the sector.

More broadly, this highlights a structural issue for the Democratic Republic of Congo: securing the industrial inputs needed to develop its mining resources. As the country strengthens its position as a major global producer of copper and cobalt, control over these inputs is becoming critical to its resilience.

Pierre Mukoko