In a report published on August 28, 2025, the World Economic Forum (WEF) highlights a financing arrangement by Rawbank in the Democratic Republic of Congo (DRC) as a model for scaling the extraction of critical minerals for the energy transition while meeting global environmental, social, and governance (ESG) risk standards.

“Rawbank played a leading role in financing the Kamoa-Kakula copper project in the DRC by helping arrange a $400 million syndicated loan with partners Absa, Africa Finance Corporation (AFC), and First Bank DRC. The agreement complied with international standards while integrating ESG and local-content requirements, including the repatriation of 60% of revenues to the DRC,” the report states. The document was prepared in collaboration with the Development Bank of Southern Africa and McKinsey & Company.

By executing this transaction—the first of its kind in this structuring—Rawbank reinforced its position as the leading bank in the DRC. “This agreement sets a precedent for other African financial institutions, which can in the future arrange similarly complex syndicated loans, thereby increasing the availability of financing for the mining sector,” the report notes.

In practical terms, the bank ensured that the financing aligned with the ESG standards of the International Finance Corporation (IFC) and the International Council on Mining and Metals (ICMM), as well as the Global Industry Standard on Tailings Management (GISTM), recognized sustainable mining practices, and Congolese legislation.

On local content, the WEF report also underscores that Rawbank proactively integrated Congolese suppliers—such as Pacific Logistics—into the project. This approach supported compliance with Article 108 of the DRC Mining Code, which requires domestic processing of minerals, Congolese shareholding in processing companies, and a limitation of subcontracting to local firms.

Ultimately, the financing contributed to Kamoa Copper’s objective of reaching an annual production capacity of 600,000 tons of copper. Kamoa Copper is the local subsidiary of a holding majority-owned by Canada’s Ivanhoe Mines and China’s Zijin Mining.

The WEF cautions, however, that financing the sustainable development of critical minerals in Southern Africa still faces significant hurdles, including high costs, geopolitical risks, stringent regulatory demands, and the need to embed ESG practices fully. The institution advocates for a cohesive strategy to harmonize regulations, bolster investor confidence, and expedite the development of local value chains in the production of transition minerals.

Georges Auréole Bamba