News (940)
The Democratic Republic of Congo’s central bank has begun building gold reserves, marking a shift in its reserve strategy. It received its first shipments of raw artisanal gold from state-owned DRC Gold Trading SA, which it will refine for inclusion in its reserves.
In a Monetary Policy Committee statement published on April 9, 2026, Governor André Wameso said the move aims to “diversify international reserves, strengthen confidence in monetary policy and build a buffer against market fluctuations.”
The initiative is based on a partnership signed in February 2026 between the BCC and DRC Gold Trading, under which the central bank purchases a share of artisanal gold output. Until now, the DRC’s reserves were mainly held in foreign currencies, particularly the U.S. dollar, with little or no physical gold.
The arrangement uses a centralized supply chain: DRC Gold Trading oversees collection, certification and tracking before transferring the gold to the central bank, which then adds it to its reserves. The company aims to channel up to 15 metric tons of artisanal gold this year, up from 2.3 metric tons in 2025.
Through this mechanism, the BCC aims to position itself as a key buyer and capture output that largely flows through informal networks. Its success will partly depend on whether the prices offered to producers can compete with those available in parallel markets.
Separately, authorities are working to establish a national system to track gold flows and transactions. Proposed by President Félix Tshisekedi at a Council of Ministers meeting on Feb. 20, 2026, the system would connect licensed traders with the central bank and the mining administration, with the aim of securing transactions, routing payments through the formal banking system and enabling real-time monitoring of traded volumes.
Ronsard Luabeya
DR Congo’s rural electrification agency, ANSER, and a financial advisory firm signed an agreement on March 30 to structure and raise financing for electrification projects across the country.
ANSER and Brazzaville-based Infinite Capital signed the memorandum of understanding in Kinshasa, according to a document seen by this publication. The partnership covers financial structuring, promotion, and the mobilization of public and private resources for rural and peri-urban electrification infrastructure.
Under the agreement, Infinite Capital will support ANSER in raising funds by acting as an intermediary with institutional investors, investment funds, development banks, and technical and financial partners. The firm will also provide financial engineering support for project structuring and monitor fundraising efforts.
ANSER, for its part, will provide a portfolio of electrification projects with strong financing potential, along with the technical, institutional, and financial data needed for discussions with partners. The memorandum is valid for six months from the date of signing.
A $100 million target
While the agreement does not specify a precise funding figure, Infinite Capital Managing Partner Théophane Mokoko said the partnership could help mobilize around $100 million to finance electrification projects. He said the mechanism would involve establishing credit lines with financial institutions, with disbursements made progressively based on project progress and repayments tied to revenues generated by the infrastructure.
The model is designed to enable the gradual mobilization of resources and their reuse to support new projects as part of a sustainable financing approach.
The partnership is part of ANSER’s strategy to accelerate electricity access in rural and peri-urban areas, where coverage remains low. The projects are expected to focus on decentralized energy infrastructure, particularly off-grid electrification, in line with sector priorities.
The deal comes as electrification partnerships in the DRC continue to expand. In February 2026, ANSER signed a memorandum of understanding with U.S. firm Cybastion Institute LLC covering the design, financial structuring, and implementation of energy projects, including solar, in rural and peri-urban areas.
Infinite Capital is a financial advisory firm active in Central Africa. The company acts as an intermediary between investors and project developers, particularly in infrastructure, energy, and natural resources. According to its company materials, it advises governments, companies, and institutions on financing structures and capital mobilization for high-impact projects.
Ronsard Luabeya
Fonds de promotion de l'industrie (FPI), DRC’s state-run industrial development fund, holds a bad-debt portfolio worth nearly $300 million, according to a note presented at an April 10, 2026 cabinet meeting by interim Industry Minister Justin Kalumba Mwana-Ngongo.
The figure is roughly double the level recorded in 2019, when former Industry Minister Julien Paluku cited more than $150 million in outstanding debt.
Government calls for support
At the cabinet meeting, ministers were told that support across government was needed to accelerate debt recovery, which officials described as critical to financing major infrastructure projects. The minister proposed setting up a special commission to classify debtors based on their willingness to repay, negotiate out-of-court settlements, pursue enforcement actions with law enforcement support, and recommend asset-freeze measures against insolvent debtors, according to the cabinet readout.
The minister also asked the FPI’s board to commission an audit of the bad-debt portfolio to develop a more effective recovery strategy and identify internal weaknesses. These may stem from weak organizational structures, skills gaps, or entrenched informal practices in allocating resources to project developers, the readout said.
KPMG contract and new ERP system
On April 2, 2026, the FPI awarded consulting firm KPMG DRC a contract to review and restructure its loan portfolio to improve asset quality and strengthen debt-recovery mechanisms.
On April 8, the FPI launched an integrated management system (ERP) in Kinshasa, describing it as a tool to modernize operations. According to an official statement, the platform covers loan management, disbursement and project tracking, debt recovery, and administration of the Taxe de promotion de l'industrie (TPI).
The FPI’s broader challenge is to restore its lending capacity as rising unpaid debt continues to constrain funding for new industrial projects. The cabinet reviewed the minister’s briefing amid growing pressure to secure resources earmarked for industrialization.
Timothée Manoke
Mont Gabaon SARLU has been awarded multiple public contracts in the eastern Democratic Republic of Congo (DRC). According to several provisional award decisions from the Central Coordination Office (BCeCo) seen by reporters, the company secured contracts worth a combined $153.9 million between December 2025 and April 2026.
The latest contract is a $16.53 million project to supply and install solar streetlights along 97 km in the city of Bunia, in Ituri province. The decision, signed on April 7, 2026, by BCeCo’s acting director general, Sylvain Alongo Longomba, provisionally awards the contract to Mont Gabaon.
This contract adds to several others awarded to the company in the provinces of Ituri and Haut-Uele.
In December 2025, Mont Gabaon was awarded a $59.13 million contract to build and upgrade 31 km of urban roads in Bunia.
In January 2026, the company was awarded two additional contracts in Haut-Uele province. The first covers the supply and installation of solar streetlights over about 44.5 km in Isiro, worth $12.96 million. The second involves the construction and upgrading of about 34.3 km of urban roads in the same city, for $65.26 million.
Direct awards
The documents show that these contracts were awarded through a direct award procedure, known as “gré à gré,” under Congolese public procurement regulations. Governed by Law No. 10/010 of April 27, 2010, this procedure is used only in limited cases, including emergencies, specific technical constraints, or when only one provider has the required expertise.
Mont Gabaon is also involved in several infrastructure projects in the region. The company is participating in the rehabilitation and modernization of Bunia’s national airport, a project launched in 2022.
In September 2025, Finance Minister Doudou Fwamba said the project was valued at more than $48 million. It aims to extend the runway, upgrade terminal facilities, and boost the airport’s operational capacity.
Mont Gabaon SARLU is led by Congolese businessman Joseph Elie Akilimali, its founder and head. Originally from South Kivu, he began his career in the pharmaceutical sector before expanding into construction, transport and agriculture.
Through Mont Gabaon, he has expanded into public infrastructure projects, particularly in the east of the country, where the company operates in roadworks, urban equipment and public lighting. With this series of contracts, the firm is emerging as a regular contractor in projects managed by BCeCo in Ituri and Haut-Uele.
Timothée Manoke
Autorité de régulation de la sous-traitance dans le secteur privé (ARSP), DR Congo's subcontracting regulator, on April 8, 2026, ordered four cement makers to cancel contracts with subcontractors deemed ineligible and remove them from their records. The directive paves the way for the reallocation of 408 contracts.
The decision follows an audit conducted by the ARSP covering the period from Oct. 12, 2020, to Sept. 30, 2025. The review initially identified 419 contracts awarded to ineligible subcontractors, compared with just 62 contracts granted to eligible companies, representing 12.9% of the total examined. After a further review, 11 companies met compliance requirements.
PPC Barnet had the highest number, with 221 contracts awarded to ineligible operators, followed by CILU with 98, CIMKO with 64 and CICO with 25. The figures show the scale of the potential restructuring in Kongo Central's cement sector.
Affected contracts
The contracts in question cover a range of activities, including transport and logistics, transit, cargo handling and industrial maintenance, as well as medical services, security, catering, information technology, advertising and certain construction works.
To avoid disruptions to production, the ARSP has given the companies involved 30 days to launch new tenders. The tenders must be open only to locally registered companies that meet eligibility requirements.
The move is part of efforts to enforce Law No. 17/001 of Feb. 8, 2017, on subcontracting, which reserves such activities for companies with majority Congolese ownership.
It comes as the ARSP steps up enforcement. In March 2026, port operator Matadi Gateway Terminal was ordered to cancel 50 subcontracting contracts found to be non-compliant. Similar measures have been taken in the mining sector, including against Kibali Gold Mine, the Democratic Republic of Congo's leading gold producer.
Boaz Kabeya
CRDB Bank Congo, the Congolese subsidiary of Tanzania's CRDB Bank Group, launched the TemboCard Visa in Kinshasa on April 10, 2026. The launch was held in partnership with Visa, the global digital payments company, as the banking sector in the Democratic Republic of Congo accelerates digitalization.
Backed by the international Visa network, the TemboCard enables secure payments domestically and internationally, both online and at point-of-sale terminals. Cardholders can also withdraw cash from compatible ATMs.
The product is offered in two tiers: a Classic Visa card targeting the general public and a Gold version aimed at wealthier clients. The bank said it intends to serve a diverse customer base ranging from individuals to businesses.
Patient Mwenze, deputy chief executive of CRDB Bank Congo, said the product is part of a strategy to modernize the bank's offering and encourage the use of electronic payments in a market still dominated by cash. He added that the card is designed to give Congolese clients access to financial services usable worldwide.
"Wherever you are, you can use the TemboCard to make payments online, at payment terminals or ATMs, whether locally or internationally. We are opening the DRC to the world. This supports financial inclusion," he said.
Sophie Kafuti, country manager of Visa DRC, said the launch is aimed at supporting the shift away from cash by enabling faster, traceable and more secure payments. She said the initiative would help expand access to formal financial services in a largely informal economy.
"We want to create a cashless economy that promotes transparency, security and speed of payments. The goal is above all to strengthen financial inclusion. CRDB, a Tanzanian bank, has chosen the DRC to broaden access to financial services and help transform an ecosystem that remains largely informal," she said.
CRDB Bank has been present in the DRC for two years, first opening in Lubumbashi. In December 2025, it opened a branch in the Gombe commune of Kinshasa as part of an effort to expand its customer base and diversify its revenue streams.
According to the bank's Pillar 3 report for the first half of 2025, its activity is still heavily reliant on Treasury bill income, which generated approximately 8 billion Congolese francs out of a net banking income of 10.4 billion, representing nearly 77 percent of the total. Revenue from client-related operations, including loans, stood at 1.6 billion Congolese francs, or about 15.6 percent of the total.
Ronsard Luabeya
Trust Merchant Bank (TMB) posted a net profit of 8.53 billion Kenyan shillings in 2025, down from 10.4 billion a year earlier, according to the annual report of Kenya’s KCB Group, which holds an 85% stake in the bank. The 18% decline is equivalent to about $66.1 million at an exchange rate of 129.15 shillings per dollar published by the Central Bank of Kenya on April 10, 2026, compared with $80.5 million in 2024.
In presenting its 2025 results, KCB said the drop in non-interest income was driven in part by lower foreign exchange revenues and commissions, against a backdrop of temporary branch closures in eastern Democratic Republic of Congo. Deteriorating security conditions in the region weighed on the Congolese subsidiary’s profitability.
The decline comes amid a more challenging environment for financial institutions with exposure to conflict-affected areas. In the DRC, SMICO recorded a net loss of 1.289 billion Congolese francs (CDF) in the first half of 2025, while FINCA posted a loss of 139.0 million CDF over the same period. Documents published by both institutions point to a deteriorating operating environment, with key indicators worsening, particularly in insecure areas.
Despite the decline, TMB remains KCB Group’s largest contributing subsidiary outside Kenya. With a profit of 8.53 billion Kenyan shillings, it outpaced BPR Rwanda (3.702 billion) and KCB Tanzania (3.263 billion), underscoring the importance of the Congolese market in the group’s regional operations.
Timothée Manoke
Fonds de promotion de l'industrie (FPI), a state-owned fund that finances industrial projects in the Democratic Republic of Congo, launched its integrated management system (ERP) on April 8 in Kinshasa as part of efforts to modernize and streamline its operations.
The digital platform is designed to automate processes and centralize operations, with the institution saying it will help improve performance, enhance transparency and optimize costs.
Director General Hervé Claude Ntumba Batukonke said the system replaces previously fragmented processes, marking a shift toward more structured and efficient operations. He added that it would help the FPI better organize its data flows and strengthen monitoring of its activities.
Developed with support from Tunisian firm Système Informatique de Gestion Automatisée (SIGA), the platform covers several core functions, including managing financing applications, tracking disbursements and projects, handling debt collection, overseeing the industrial development tax, as well as accounting, treasury, financial reporting, internal controls and risk management.
According to Stéphane Tshitende, director of information systems and project manager, the system also improves connectivity with partners, giving project developers and eligible companies real-time access to their financial information.
The launch follows several months of development. In October 2025, the FPI said the project was progressing with SIGA, which had been selected through an international tender, and identified digital transformation as a key priority.
The initiative aligns with the institution’s 2026–2028 action plan, which sets out a roadmap focused on improving institutional performance and modernizing management tools.
With the new system, the FPI aims to strengthen operational monitoring and improve visibility over the delivery of its mandate.
Ronsard Luabeya
The governments of the Democratic Republic of Congo and South Korea, alongside UNICEF, launched a $5 million multi-sector project on April 8, 2026, in Kinshasa.
According to a joint statement, the funding will support access to essential services, including health, education and water, in a province where living conditions have steadily worsened.
Within the next seven days, the project will provide cash transfers to 4,500 households, or about 22,500 people. This mechanism, increasingly used in humanitarian responses, provides a short-term economic boost. By putting cash directly into communities, it supports basic consumption, stimulates local markets and sustains informal trade. The statement did not specify the amount allocated to this component.
Beyond immediate relief, the program focuses on key sectors to support economic recovery. In education, it will give 4,500 children and adolescents access to alternative learning and vocational training. This highlights a major concern in a province where more than 1.3 million children are out of school, undermining long-term human capital development.
In parallel, 5,760 children affected by violence are expected to receive comprehensive care, including psychosocial support. This component, often overlooked, is seen as essential to help communities re-engage in economic activity.
The project also includes the construction of 40 water points, providing safe drinking water to 38,000 people. Beyond the health impact, this will help restore basic conditions for economic activity by reducing time spent collecting water, improving household productivity and making communities safer.
Ituri province continues to face a complex crisis. As of August 2025, it was home to around one million internally displaced people and 700,000 returnees living in difficult conditions, according to the statement. The same source said violence has risen sharply, with a 46% increase in serious violations of children's rights in the first half of 2025, deepening instability and hindering economic recovery.
Boaz Kabeya
DR Congo’s national rural and peri-urban electrification agency, ANSER, said on Tuesday it had signed a commercial agreement with British firm Propav Infrastructure Limited to develop two solar power plants in Lualaba province.
The projects include a 55.4 MWp solar plant in Kyamasumba and a 65.2 MWp facility in Kapanga, referring to peak output under standard conditions.
The agreement marks the start of the project development phase, including financial structuring and technical studies ahead of construction. The planned financing relies on a British export credit mechanism, with expected support from UK financial institutions.
The project also includes local content provisions, knowledge transfer and training for ANSER staff and local stakeholders.
Propav Infrastructure Limited, registered in the United Kingdom in November 2021, operates in engineering, construction and infrastructure project development, according to public records.
The partnership is part of ANSER’s strategy to expand off-grid and peri-urban electrification as the Democratic Republic of Congo seeks to increase electricity access in underserved areas. Construction will depend on completing technical studies, securing financing and finalizing operational agreements.
Boaz Kabeya
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The Democratic Republic of Congo raised $1.25 billion in its debut eurobond, exceeding a revised target of $750 million set in late January, according to a statement published on April 9, 2026 by Rawbank, a co-coordinator and co-bookrunner of the deal.
The issuance was split into two tranches, a five-year note due in 2032 and a ten-year note due in 2037, with yields of 8.75% and 9.50%, respectively. The outcome came in below expectations from several analysts who had forecast double-digit borrowing costs.
The terms secured by the DRC, a first-time issuer with a speculative-grade rating, were lower than those paid by some regional peers with established market track records. Angola, rated B3 by Moody’s and B- by S&P Global Ratings, the same level as the DRC, paid 9.5% when it returned to markets in July 2025, its lowest yield in six years, according to Agence Ecofin data. The Republic of Congo issued a eurobond maturing in 2032 at 9.875% in November 2025, while Kenya paid 10.375% on a seven-year bond in February 2024.
Rawbank attributed the outcome to strong investor demand, with orders exceeding $5 billion across both maturities. The bank said the results reflected effective structuring that aligned investor expectations with the country’s fundamentals. As co-coordinator and co-bookrunner, Rawbank helped structure and place the bonds alongside international banks including Citigroup and Standard Chartered.
“For Rawbank, the objective is clear: to build and strengthen the DRC’s credit profile in international markets at levels consistent with investor expectations. We are proud to have supported this transaction, which could facilitate further international financing, including for non-sovereign issuers,” said Chief Executive Mustafa Rawji.
The DRC’s low debt burden likely supported investor appetite. Public debt stands at around 18% of GDP, well below the sub-Saharan African median of roughly 60% at end-2025, according to the IMF. Inflation remains low at about 2.3%, while growth is projected above 5%, driven by mining activity, which the World Bank says should also strengthen external balances.
The geopolitical environment also provided support. In December 2025, the DRC signed a bilateral agreement with the United States on strategic minerals, granting U.S. companies priority access to future mining concessions in exchange for diplomatic and security backing against AFC/M23 rebels backed by Rwanda. S&P Global this year revised the country’s outlook to positive, citing the rapprochement.
Market conditions also improved. A two-week ceasefire between the United States and Iran, announced on April 8, reopened a window for emerging-market issuance after tensions in the Middle East had temporarily curtailed activity.
The Finance Ministry described the operation as “historic,” with a spokesperson for Minister Doudou Fwamba calling it a “total success.” The deal was completed earlier than expected. Authorities had initially targeted completion before the end of the first half of 2026, but in a January report, the IMF had deemed issuance before mid-year “unlikely,” citing technical requirements, investor engagement and the need for parliamentary approval.
Pierre Mukoko
Fonds de promotion de l'industrie (FPI), a public institution that finances industrial projects in the Democratic Republic of Congo, has awarded KPMG RDC a consulting contract to restructure its loan portfolio. The decision, signed on April 2, 2026, by Director General Hervé Claude Ntumba Batukonke, awards the contract for $138,729 before tax, or $160,925.64 including tax.
The award notice does not detail the exact scope of the mission assigned to KPMG. It states that the contract follows a procurement process launched in 2024, involving several no-objection clearances from Direction générale du contrôle des marchés publics covering the procurement plan, shortlist, request for proposals, and technical and financial evaluations. KPMG's offer, dated March 6, 2024, indicates that the process lasted at least two years.
Debt recovery a priority
The award comes as FPI has brought debt recovery back to the forefront. When he took office in August 2025, the director general identified loan repayment as a key priority of his tenure, arguing that the institution's ability to finance new industrial projects depends in part on recovering funds already lent.
In a statement issued at the time, FPI said all receivables would be identified and recovered, and pledged to establish a mechanism to ensure full repayment of both existing and future loans. It added that non-repayment was undermining its core mission of supporting industrialization.
This is not a new issue. In March 2020, then-Industry Minister Julien Paluku said about $150 million was already outstanding and gave borrowers 48 hours before forced recovery measures would be triggered.
The contract award to KPMG therefore reflects FPI’s ongoing effort to better structure the management of its loan portfolio, as debt recovery becomes a central lever to restore financial flexibility and support new industrial projects.
Timothée Manoke
The expiration of the Fina Log concession on Dec. 31, 2025, has reshaped the oil logistics chain between Matadi and Kinshasa by bringing in a new state entity. This corridor is the main transit route for fuel consumed in the western region of the Democratic Republic of Congo (DRC) and accounts for about 80% of fuel bound for the Central African Republic.
The National Petroleum Infrastructure Management Company (ENGIP) was established in January 2026 to manage the corridor’s operations. The public company took over Fina Log’s assets, including pipelines, pumping stations and depots, which returned to the Congolese state at no cost.
On April 7, 2026, the new state enterprise signed operating agreements covering these assets with SEP Congo, the long-standing operator of the Matadi-Kinshasa logistics chain.
“These agreements do not affect the price structure in any way. On the contrary, they could help reduce logistics costs and strengthen price stability,” ENGIP Director General Richard Beya Ilunga said, according to remarks reported by Actualite.cd.
The official fuel pricing structure for the western zone, set in December 2025, highlights the impact of logistics on final consumer prices. For gasoline, distribution costs amount to 724.03 Congolese francs (FC) per liter, compared with a pump price of 2,440 FC, nearly 30% of the final price.
For kerosene, these costs reach 516.06 FC per liter, or about 24% of a pump price of 2,130 FC. Diesel logistics costs stand at 688.78 FC per liter for a pump price of 2,430 FC, representing 28.3% of the final price. SEP Congo alone accounts for 192.79 FC per liter, about 8% to 9% of the final price and more than a quarter of total logistics costs.
Unanswered questions
According to the pricing structure, logistics is the second-largest cost component after international procurement. Lower logistics costs could therefore support price stability, a critical factor as conflict in the Middle East fuels uncertainty over global oil prices.
However, it remains difficult to assess the expected cost reductions, as the details of the contracts between ENGIP and SEP Congo have not been made public.
“These agreements will allow us to operate in a stable environment, with the objective of delivering positive outcomes for our company, government ministries and, above all, citizens,” SEP Congo Director General Malick Ndiaye said. Ndiaye, cited by Actualite.cd, added that negotiations lasted several months but provided no further details.
One point is clear: the state, through ENGIP, now owns 100% of the assets along the Matadi-Kinshasa corridor, compared with 40% before the end of the Fina Log concession. This gives the government greater room to influence logistics costs.
The state must nevertheless balance this with the need to ensure service continuity, which requires maintaining and expanding infrastructure. This also involves mobilising resources, particularly for new investments. For now, ENGIP has not outlined how it plans to address these competing challenges.
Pierre Mukoko & Ronsard Luabeya
Kinshasa's provincial government launched a registration drive on April 7, 2026, to allocate stalls in the new central market. The initiative also enables city authorities to issue business licenses and distribute business registration forms for the 2026 fiscal year.
The move is aimed at expanding the capital’s tax base. To secure a stall in the market, which the governorate says will have around 11,000 spaces, vendors must show proof they have paid either property tax or rental income tax in order to obtain a tax clearance certificate. They must also pay the patente, an annual tax applied to small traders.
The requirement follows the suspension of patente payments in 2024 and 2025, after disputes between vendors’ representatives and the provincial government. Guylain Lokofe, president of the Syndicat des vendeurs du Congo, said the city had initially planned to collect the tax for both years at once, which traders rejected, arguing that the patente is annual and cannot be accumulated. Both sides have since reached an agreement allowing payments to resume.
On the digital platform "irms-dgrk.com," launched in March 2026 by Kinshasa’s General Directorate of Revenue (DGRK), the patente is set on a tiered system based on activity category: 56,000 Congolese francs (FC) for Category A, 42,000 FC for Category B, 28,000 FC for Category C, and 14,000 FC for Category D.
Timothée Manoke