The financial performance and activities of the Fonds pour l'Inclusion Financière (FPM SA)  in the Democratic Republic of Congo (DRC) have grown significantly in 2024.  FPM SA is majority-owned by the German cooperation fund (KfW) and Belgian BIO Invest. 

According to FPM’s Pillar III report, covering the fiscal year 2024, the expansion was driven by initiatives implemented in partnership with the World Bank (WB) and German cooperation.

Established in 2014, FPM is a financial company specializing in refinancing financial institutions and providing portfolio guarantees to facilitate credit access for micro, small, and medium-sized enterprises (MSMEs), as well as low-income populations.

In 2024, FPM raised around $63 million for partial financing guarantees to partner financial institutions, capable of securing up to $200 million in credit for eligible individuals and entities. In detail, $36 million covers 50% of the risks associated with financing granted under the World Bank’s Transforme project, and $26.87 million covers up to 70% of financing extended to women and micro businesses under the Impact project, financed by KfW.

On the lending side, total outstanding loans to FPM customers rose by 53.4% to $50.4 million. Although this growth is substantial, it is more moderate than the 95% increase observed between 2022 and 2023. FPM has adopted a more cautious risk management approach and aims to reach outstanding loans of $81.7 million by 2028.

The institution’s current priority is to enhance services for development finance institutions, particularly those targeting the private sector within the framework of cooperation with the Congolese government. In December 2024, FPM secured a financing line from the Netherlands Development Finance Company (FMO) and is in advanced discussions with the U.S. International Development Finance Corporation (DFC).

FPM also plans to continue improving portfolio quality by collaborating with benchmark institutions. In April 2025, it signed a $3 million agreement with Rawbank to support SME financing.

After returning to profitability in 2024, with net income of $879,000 compared to a loss of $290,000 in 2023, FPM anticipates net income of $3.38 million by 2028. This projection represents an average annual growth rate of 46%, factoring in capitalization effects. The institution is counting on new opportunities in managing guarantee funds and the stability of its equity capital, supported by a $16.5 million credit facility granted by its main shareholder. This credit is convertible into shares at maturity or renewable, enabling FPM to avoid increasing its interest expenses.

Boaz Kabeya (intern)

Indonesia could snatch the Democratic Republic of Congo’s (DRC) spot as the world’s leading cobalt producer in the 2040s. The International Energy Agency (IEA) made the forecast in its Global Critical Minerals Outlook 2025 report published on May 21.

According to the Cobalt Institute, the DRC accounted for 76% of global primary cobalt supply in 2024, but the IEA forecasts a 45% decline in Congolese cobalt production during the 2030s “due to declining ore quality”.

In contrast, Indonesia—the world’s leading nickel producer, with cobalt as a by-product—is projected to increase its cobalt output by nearly 80% by 2040, surpassing the DRC. This outlook aligns with the Cobalt Institute’s Cobalt Market Report 2024, which predicts the DRC’s share of global cobalt supply will fall from 76% in 2024 to 65% by 2030, while Indonesia’s share rises from 12% to 22%.

While the projected plunge could reduce the DRC’s influence over the cobalt supply chain, its impact on mining revenues is uncertain. In 2022, cobalt accounted for about 21% of the DRC’s exports, according to the Central Bank of Congo. However, ongoing economic diversification and waning global demand for cobalt could lessen the metal’s importance to the Congolese economy even before it loses its production leadership.

The electric vehicle market—the primary driver of cobalt demand—is showing signs of slowdown. Additionally, energy storage projects increasingly favor lithium-iron-phosphate (LFP) batteries over traditional cobalt- or nickel-based batteries. Martin Jackson, a raw materials consultant at CRU, notes a “monumental drop in the intensity of nickel and cobalt use in battery demand.”

Kinshasa’s response to these shifts remains to be seen. The government is currently focusing on strengthening the country’s position in downstream segments of the value chain, such as refining and battery materials production, as potential buffers against the anticipated shocks.

This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)

Edited in English by Ola Schad Akinocho

Le déficit d’approvisionnement en cuivre pourrait atteindre 40 % d’ici 2035, alerte l’Agence internationale de l’énergie (AIE). Cette prévision confirme un constat désormais partagé : les projets miniers en cours ne suffiront pas à répondre à la demande, dopée par l’essor de l’intelligence artificielle et de la transition énergétique.

Selon le rapport Global Critical Minerals Outlook 2025, publié le 21 mai, plusieurs facteurs limitent la capacité de l’offre mondiale à suivre le rythme. Depuis 1991, la teneur moyenne du minerai de cuivre extrait a chuté de 40 %. Parallèlement, l’exploration peine à déboucher sur de nouveaux projets. Sur les 239 gisements découverts entre 1990 et 2023, seuls 14 l’ont été au cours des dix dernières années.

Our Global Critical Minerals Outlook 2025 includes an updated interactive online tool allowing users to explore our data on key energy transition minerals

It offers access to demand projections under various scenarios & technology trends

Try it out ➡️ https://t.co/yq9QQEY9ho pic.twitter.com/wkBd13hcmx

— International Energy Agency (@IEA) May 22, 2025

Et même lorsque de nouveaux gisements sont identifiés, les délais de mise en exploitation restent longs. L’AIE estime qu’il faut en moyenne 17 ans entre la découverte d’un site et le début de sa production. La Conférence des Nations unies sur le commerce et le développement (CNUCED) va dans le même sens. Dans un rapport publié plus tôt en mai, l’agence onusienne évoque des délais pouvant aller de 15 à 25 ans.

Un casse-tête insoluble

Si les difficultés d’approvisionnement sont bien identifiées, les leviers pour y faire face sont également connus. Les deux rapports insistent sur la nécessité d’investissements massifs dans de nouveaux projets miniers. La CNUCED estime qu’il faudrait développer 80 nouvelles mines d’ici 2030, pour un coût total pouvant atteindre 250 milliards de dollars.

« Un large éventail de mesures, tant du côté de l’offre que de la demande, est nécessaire pour combler l’écart : investissements dans de nouvelles mines, gains d’efficacité, substitution et renforcement du recyclage », ajoute l’AIE.

Global Trade Update (May 2025): Focus on critical minerals – copper in the new green and digital economy https://t.co/yfzOK2VkFa

— Diane SAYINZOGA 🇷🇼 (@SAYINZOGADiane) May 16, 2025

Mais les financements peinent à suivre. Sur les 360 à 450 milliards de dollars nécessaires pour sécuriser l’approvisionnement mondial en métaux critiques d’ici 2030, jusqu’à 270 milliards manquent encore. Le cuivre représente à lui seul 36 % de ce déficit.

Pour relever ces défis, la CNUCED recommande de simplifier les procédures d’autorisation, d’offrir des incitations financières et d’investir dans des technologies d’extraction plus avancées. Le rapport appelle aussi à renforcer la coopération entre grands groupes miniers et petites sociétés pour accélérer le développement des projets.

Reste que les incertitudes persistent. Entre des investisseurs frileux, des projets à maturation lente et une demande toujours plus soutenue, le risque de goulet d’étranglement reste élevé. Faute de mesures coordonnées et urgentes, la transition énergétique pourrait se heurter à une limite physique : l’indisponibilité du métal.

Emiliano Tossou, Agence Ecofin

Lire aussi :

Cuivre : exportations record de 3,1 millions de tonnes pour la RDC en 2024

Cuivre de Makoko : les estimations d’Ivanhoe franchissent les 8 millions de tonnes

Exploration minière : la RDC en tête en Afrique avec 130,7 millions $ captés en 2024

Minerais critiques : les réserves de la RDC estimées à 24 000 milliards $

Cuivre et cobalt de Mutanda : les réserves « mesurées » de Glencore estimables à 72 milliards $

Producers and intermediaries in North Kivu’s cocoa sector are increasingly turning to Uganda to sell their products through informal channels, seeking to optimize their marketing strategies.

On May 19, 2025, at least five tons of cocoa (118 bags) were intercepted by the sub-section of the Office national des produits agricoles du Congo (ONAPAC) in Beni, within the Ruwenzori sector (Beni territory). According to authorities, the cargo was being illegally exported to Uganda. This seizure forms part of ongoing efforts to combat fraud in the cocoa sector.

Commenting on the seizure, Kaswera Syvialeghana Alphonsine, Director of ONAPAC in Beni, said such operations aim to discourage illicit trafficking of cocoa, and coffee, in the region.

For several months, sector players have denounced numerous obstacles hindering official marketing channels and encouraging smuggling to neighboring countries. They highlight persistent insecurity in production zones, poor condition of farm roads, proliferation of roadblocks, high transportation costs, and the lack of product traceability in the DRC. These constraints, according to local exporters, hamper cocoa transport through formal channels and push many operators to turn to Uganda.

Congolese cocoa production is primarily concentrated in the eastern provinces, notably North Kivu, Ituri, and Tshopo. However, these regions are often attacked by armed groups–a situation that compromises producer security and severely disrupts the supply chain.

According to data from the Ministry of Foreign Trade, the DRC produced 100,000 tonnes of cocoa in 2024, far from the ambitious target of 3 million tonnes set for 2030.

This article was initially published in French by Ronsard Luabeya (intern)

Edited in English by Ola Schad Akinocho

The Democratic Republic of Congo (DRC) plans to build a freeway linking Banana, which should have a deepwater port next year, to Kinshasa, the political capital. On May 20, the Minister of Infrastructure and Public Works, Alexis Gisaro, and the Chinese company Zhongshi Wosen Technology Co. Ltd. signed a memorandum of understanding (MoU) to advance the project. 

According to the Ministry, the MoU entrusts the Chinese company, about which little information is available, with conducting feasibility studies. After this phase, the freeway will be finalized. 

However, the Ministry has already confirmed that the infrastructure will span 450 kilometers and pass through Matadi. The port of Matadi, situated on the Congo River, currently serves as the main gateway for goods destined for Kinshasa. It also provides indirect access to the Atlantic Ocean via a river canal, although this limits the size of vessels able to dock there.

The road project is strategic for enhancing the competitiveness of both Matadi’s and Banana’s ports, with the latter scheduled for completion in 2026. The freeway will facilitate the transport of goods between the coast and the country’s interior. Ultimately, it could be integrated into regional networks linking the DRC with other countries in Central and Southern Africa.

The Banana-Matadi-Kinshasa axis is part of the Banana-Kolwezi corridor, which stretches approximately 2,670 kilometers. This corridor was showcased at the 9th edition of Expobéton—a trade show focused on the development of cities, corridors, and special economic zones—as a fully Congolese route that could serve as an alternative to the Lobito corridor, which leads to the Angolan coast.

No precise timetable or budget details have yet been disclosed for the freeway’s construction. Nonetheless, potential challenges are anticipated, including financing mobilization, execution conditions, and investment security, especially since the route crosses areas facing security constraints. These uncertainties previously stalled a railroad project planned to serve the port, which has yet to materialize.

Furthermore, the success of the freeway project may depend on its complementarity with other key investments, particularly in the port, customs, and energy sectors, to ensure a smooth and competitive logistics chain.

This article was initially published in French by Henoc Dossa and Ronsard Luabeya (intern)

Edited in English by Ola Schad Akinocho

The Central Bank of Congo (BCC) tightened its regulations against mining and oil operators. According to a memo from AKILI Consulting, whose client portfolio includes major mining companies such as Kamoa Copper and Kibali Gold, fines for failure to declare bank details for foreign accounts have surged by over 1,000%, rising from 5,000,000 Congolese francs (CDF) to CDF58,680,000, equivalent to approximately $1,786 to $20,957.

AKILI Consulting, which manages operational risks linked to non-compliance with foreign exchange regulations, also reports that the BCC has introduced new sanctions. False declaration of accounts is now punishable by a fine of CDF234,720,000, while transfers via shell companies incur a penalty equivalent to 35% of the amount transferred.

While AKILI did not specify the reasons behind these central bank decisions, the measures seem focused on improving transaction traceability and ensuring the repatriation of export revenues to the country. This strategy aligns with broader efforts to stabilize the Congolese foreign exchange market, which has been affected by the depreciation of the Congolese franc.

Similar measures were implemented in 2017 to compel mining operators to repatriate their export earnings as mandated by law, to supply the financial system with foreign currency.

Article 269 of the Mining Code of the Democratic Republic of Congo (DRC) imposes strict rules on mining title holders regarding export revenue repatriation. During the amortization phase of their investment, operators may retain 40% of their export revenues in foreign accounts. However, they must repatriate the remaining 60% to an account opened in the DRC within 15 days of receipt. Once the investment is amortized, all revenues must be repatriated to the DRC. Mining companies continue to face challenges in complying with this law.

AKILI Consulting is headed by Arlette Mboyo, a member of the Board of Directors of Bank of Africa’s subsidiary in the DRC (BOA RDC).

This article was initially published in French by Timothée Manoke (intern)

Edited in English by Ola Schad Akinocho

The Congolese government has reorganized its national system for combating mining fraud and smuggling. A new committee of the Commission nationale de lutte contre la fraude et la contrebande minière (CNLFM) was installed on May 20, 2025, by the Minister of Mines, Kizito Pakabomba. The committee is now headed by Inspector General of Mines Didier Kaku Kingwabidi, who succeeds Freddy Mwamba, the sole national coordinator since the CNLFM was created in 2010.

"This new committee sees its mandate strengthened through the involvement of the Ministries of Mines, Interior, Defense, and Justice," according to the Ministry of Mines. The new coordinator was appointed by interministerial decree involving these four ministries. Customs, mining police, and economic intelligence services are also involved.

The committee's expanded mandate includes coordination between regulatory institutions and security forces, control of gold, diamond, and cupro-cobalt production and marketing chains, and optimization of tax and customs revenues. It also integrates the deployment of traceability technologies and regional cooperation, notably within the framework of the International Conference on the Great Lakes Region (ICGLR).

The previous committee, which had been active for several years, had faced criticism for its low efficiency, lack of coverage of high-risk mining sites, and logistical dysfunctions. A sector audit conducted in 2020 by the Ministry of Mines with World Bank support recommended a complete overhaul of the operational system.

According to the Ministry, these reforms are part of a broader strategy to improve the traceability of mining flows, strengthen revenue collection, and secure border operations.

In 2025, the DRC expects to generate more than $5 billion in mining revenues, up 11% from 2024. Yet, losses due to fraud and smuggling remain significant. For example, the border between Kolwezi (Lualaba) and Zambia is one of the main points of leakage, with losses estimated at $40 million per month, according to data relayed by Reuters.

These figures highlight the urgent need for more robust control mechanisms, particularly in the mining areas of Katanga, South Kivu, and Ituri, where minerals sometimes circulate without regulatory traceability.

In parallel with this internal reform, the DRC has signed an agreement with Erik Prince, an ex-Navy SEAL and founder of the Blackwater security company. Through his company, Frontier Services Group (FSG), he has been recruited to help secure mining supply chains, providing support for border control, cargo surveillance, and technical assistance for inspections.

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

Edited in English by Ola Schad Akinocho

Former Congolese Prime Minister Augustin Matata Ponyo has been sentenced to 10 years' hard labor and five years' deprivation of access to public office, the right to vote, and conditional release for embezzlement of public funds. The Constitutional Court delivered its verdict on May 20, 2025. His co-defendants, Déogratias Mutombo, former governor of the Central Bank of Congo (BCC), and Christo Grobler, a South African Africom executive, received five years' hard labor, each.

The court found that Augustin Matata Ponyo had "conceived, participated in, and benefited" from misappropriating funds by validating payments for unperformed or overpriced work. More than $156 million was allocated to the Bukanga-Lonzo agro-industrial park and $89 million to the construction of the Kinshasa International Market, two projects never completed.

Although Matata Ponyo's lawyers claim the case is politically motivated, the conviction tarnishes the image of technocratic and budgetary rigor once associated with the economist. Prime Minister between 2012 and 2016 under President Joseph Kabila, Matata Ponyo had built a reputation for economic discipline and modernization of public management in the DRC.

During his tenure, the country experienced sustained economic growth, peaking at over 9.5% in 2014, largely driven by the mining sector revival and agricultural initiatives. His key measures included the bancarization of civil servants' payrolls—eliminating thousands of fictitious agents—and the launch of the Bukanga-Lonzo agro-industrial park, intended to revive large-scale agriculture.

Despite these macroeconomic achievements, Matata Ponyo faced criticism for managing the Bukanga-Lonzo project, which was initially hailed as "the agricultural project of the century" but is now viewed as a failure.

Protected by his immunity as a member of parliament, Augustin Matata Ponyo remains at liberty for the time being.

This article was initially published in French by Ronsard Luabeya (intern)

Edited in English by Ola Schad Akinocho

En 2024, 590 000 hectares de forêts tropicales primaires (forêts n’ayant pas subi l’action humaine) ont été perdus en République démocratique du Congo (RDC).

C’est ce que révèlent les dernières données publiées le mai 2025 par le Global Forest Watch (GFW), projet lancé par le World Resources Institute (WRI) qui suit l’évolution des dynamiques de déforestation à l’échelle mondiale.

Cette superficie est en hausse de 60 000 hectares par rapport à l’année précédente et représente la 3^e plus importante perte de forêts primaires dans le monde. Les deux premiers moteurs du phénomène à l’échelle mondiale sont le Brésil (2,82 millions d’hectares) et la Bolivie (1,48 million d’hectares).

En RDC qui abrite le second poumon écologique de la planète derrière l’Amazonie, le GFW précise qu’il s’agit de la perte la plus importante jamais enregistrée sur une année.

Si sur le plan global, les grands incendies arrivent à la première place, le GFW indique que les principaux facteurs de perte du couvert forestier en 2024 dans le bassin du Congo comprennent l’expansion des terres cultivées, la production de charbon de bois et l’exploitation forestière. 

D’après la Banque mondiale, la biomasse représente 98,8 % de la consommation totale d’énergie des ménages du pays, dont 81,8 % pour le bois de chauffage et 17 % pour le charbon de bois avec la faible utilisation de sources d’énergie domestique plus propres.    

Plus globalement, selon le GFW, 6,7 millions d’hectares de forêts tropicales primaires ont été perdus dans le monde en 2024. Sur le continent africain, le Cameroun est le second pays le plus touché avec 100 000 hectares de superficie forestière l’année dernière, soit la 8^e plus importante proportion mondiale.

Espoir Olodo, Agence Ecofin

Lire aussi :

Couloir vert Kivu-Kinshasa : promesse d’un milliard € de l’UE et soutien de John Kerry

Action climatique : la RDC envisage de convertir sa dette en investissements stratégiques

Comment la RDC peut consolider son statut de puits de carbone net

Production du biodiesel : enjeux de la création annoncée de 145 000 ha de palmeraie

Charbon de bois : enjeux autour d’un business estimé à 4 milliards $ par an en RDC

La Trust Merchant Bank (TMB) a achevé l’année 2024 sur une note positive. D’après le rapport annuel du groupe kenyan KCB, qui détient 85 % de la banque, celle-ci a réalisé un bénéfice net de 10,4 milliards de shillings kenyans, soit 80,6 millions de dollars américains au taux de change moyen. Cette performance marque une croissance de 66,4 % par rapport à 2023, où le résultat net s’élevait à 6,3 milliards de shillings kenyans.

La banque a également enregistré une hausse de son produit net bancaire, qui s’élève à 31,2 milliards de shillings kenyans contre 25,8 milliards en 2023, soit une progression de 20,9 %.

Elle explique ces résultats notamment par les intérêts sur les prêts et les revenus hors prêts, tels que les commissions sur les transactions et les services. Le secteur minier, les transports, l’agriculture et les prêts personnels ont été les principaux moteurs de la croissance du portefeuille de crédits. Ces financements ont porté son ratio prêts/dépôts à 41,2 %, contre 38,4 % en 2023.

La TMB confirme sa position de première filiale du groupe KCB hors du Kenya, et la deuxième la plus performante du réseau, juste derrière KCB Kenya (45 milliards de shillings kenyans de bénéfice). Cette performance souligne l’importance stratégique de la RDC pour le groupe, qui mise sur la stabilité de TMB pour compenser les résultats mitigés d’autres filiales, comme celle du Soudan du Sud, déficitaire de 451 millions de shillings kenyans en 2024.

Pour poursuivre sa trajectoire de croissance, la banque indique avoir investi — sans en préciser le montant — dans la modernisation de son système d’information central. « Le système modernisé fournira à TMB une base solide et pérenne pour soutenir sa croissance continue et favoriser l’innovation », apprend-on du rapport. D’après les déclarations de la banque, ce nouveau système devrait être opérationnel au cours de l’année.

Rappelons toutefois que la TMB fait partie des banques qui devront se conformer à la nouvelle réglementation congolaise d’ici juillet 2026. Celle-ci limite à 55 % la participation d’un seul actionnaire, une mesure imposée par la Banque centrale du Congo (BCC) pour réduire la concentration du capital et encourager une gouvernance plus diversifiée. TMB devra, en ce sens, attirer de nouveaux investisseurs.

La banque indique également surveiller de près les tensions à l’est du pays, où ses activités, comme celles d’autres établissements bancaires, ont été suspendues dans les villes de Goma et Bukavu après leur prise par les rebelles du M23 en début d’année.

Timothée Manoke, stagiaire

Lire aussi :

Les banques de RDC sous pression pour attirer de nouveaux actionnaires d’ici juillet 2026