During the recent Rebranding Africa Forum in Brussels, Albert Zeufack, the World Bank representative in the Democratic Republic of Congo (DRC), highlighted the country's economic strengths and called for significant investment to support its growth.
Zeufack talked about the DRC's untapped potential in various sectors, such as its vast arable land and valuable mining resources. He noted, however, that the economy still relies too much on mining. The World Bank representative said agriculture and other non-mining sectors could help diversify the economy. "This economy can be diversified by adding value to the mining sector and developing agribusiness," he said, stressing that agricultural development is a priority for the World Bank in the DRC.
Zeufack, a Cameroonian economist, also pointed out that access to energy is essential for unlocking the DRC's economic potential. He noted that energy is one of the World Bank's main investment areas in the DRC. One of the Bank’s flagship projects in this area is the Inga project. "Access to energy is key to diversifying the economy and improving living conditions," Zeufack said, adding that good energy infrastructure is crucial for attracting investment and developing local industries.
With growth forecasts for 2024 exceeding 5%, above the African average, Zeufack stressed that the DRC is an attractive place for investment. Besides the country’s various investments, a clear strategy is needed for effective economic diversification, Zeufack added.
In his speech, he urged investors to take advantage of the opportunities in the DRC, stating that the World Bank actively supports ongoing economic reforms. "If we have tripled our portfolio in the DRC, it is because we see a real desire for transformation within the government," he declared.
The World Bank's investment portfolio in the DRC currently stands at $7.3 billion, with potential to reach $9.5 billion if current projects succeed. This includes $1 billion for budget support and $1 billion for the Inga project.
Georges Auréole Bamba
