Facebook Bankable LinkedIn Bankable
Twitter Bankable WhatsApp Bankable
Bankable
Bankable

MOST READ

African Economies

DR Congo: Government Approves $260M Funding from AfDB to Boost Staple Production

DR Congo: Government Approves $260M Funding from AfDB to Boost Staple Production

In the Democratic Republic of Congo (DRC), the African Development Bank (AfDB) will support a staple farming project with $260.4 million. The Congolese Council of Ministers approved the financing on October 11, 2024. 

The project aims to boost the production of rice, corn, and cassava, the main food products in the DRC. It will include building storage facilities and providing financial support to producers and other stakeholders in these areas.

The funds will be allocated across several regions: the Western Axis, which includes Kongo Central, Maï-Ndombe, and Kwango; the Central Axis, covering Kasaï Oriental and Lomami; and the Eastern Axis, primarily in Sud-Kivu.

Environmental studies have been completed at the intervention sites, and certificates of conformity have been obtained for both production zones and storage infrastructure.

The AfDB plans to implement the project between 2024 and 2029. Funding will mainly come from the African Development Fund ($250.4 million) and the African Transition Facility ($10 million). The Congolese government will also contribute $51.2 million, bringing total funding to $311.6 million—well above the $163 million allocated for agricultural investment from 2025 to 2028.

This project aims to address food security challenges in the targeted regions. For instance, in the cassava sector, a staple for about 70% of the population, current availability is only 47 kilograms per person per year, while needs are estimated at 144 kilograms.

According to the World Bank, in 2022, 56% of the DRC's workforce worked in agriculture. However, the sector contributed only $51.7 billion to the economy between 2013 and 2023, despite the country having vast arable lands. The World Bank’s investments in the DRC’s agricultural sector currently stand at around $322 million. 

Georges Auréole Bamba

Subscribe to our newsletter (free)

Receive daily news and analyses from the Bankable editorial team.

 
 
biotech-this-congolese-native-stuck-a-major-deal-with-astrazeneca
AstraZeneca, one of the world’s leading pharmaceutical brands, bought his company two weeks ago. Jean-Pierre Latere is his name, and his startup,...
sofibanque-appoints-new-deputy-managing-director
Bobo Makunda Sefekese is the new Deputy Managing Director of Sofibanque, a leading bank in the Democratic Republic of Congo (DRC). The lender announced...
eastern-drc-conflict-over-2-500-schools-close-schoolap-ready-to-step-up
In the North and South Kivu provinces of the Democratic Republic of Congo (DRC),  2,594 schools have closed due to the escalating conflict with the...
banking-finance-isabelle-lessedjina-an-inspiring-leader
Isabelle Lessedjina has garnered recognition from Forbes Afrique, being named one of the 50 "most inspiring women of the moment" in the magazine's March...

African Economies

MOST READ

Please publish modules in offcanvas position.