On September 13, the Council of Ministers of the Democratic Republic of Congo (DRC) approved a draft ordinance that allows the ratification of a credit agreement signed between the Democratic Republic of Congo (DRC) and Gemcorp Capital Management. Inked on November 24, 2023, the deal covers a $500 million loan. Specific terms are unknown at the moment.

According to Finance Minister Doudou Fwamba Likunde, the funds will help "provide a lasting solution to the government's needs for the purchase of goods and services, particularly in the fields of security, food, medicine, etc."

This ordinance is based on the government's enabling law adopted on June 15, 2024. This law allows the government to legislate on specific topics, including the loan agreement, during the parliamentary recess from June to September 2024. Another ordinance dated February 26, 2024, also approved the loan agreement.

Gemcorp Capital Management, a British firm, invests primarily in emerging markets. In 2022, it announced plans to invest nearly $10 billion in Africa over the next decade through lending operations in partnership with other institutional investors.

MN