News (77)
The Democratic Republic of Congo (DRC) is managing the ongoing mpox epidemic. According to the Ministry of Health, for the week ending October 19, 2024, only 17 out of 688 suspected cases were confirmed, with one death reported. This results in a case-fatality rate of 0.0014%, down from 1.2% the previous week.
Thanks to support from several donors, the country has obtained vaccines for its first vaccination campaign. However, experts from the World Bank say there are still many needs. "The available vaccines cover no more than 10% of the country's needs. This situation is the same for communication and community-based surveillance," one World Bank expert noted.
To tackle this crisis, the government announced a special intervention of $10 million, but recent data shows that only $2.5 million has been disbursed so far. How well the country can control the disease will impact budget execution not just in late 2024 but also in 2025.
Dealing with diseases like mpox requires significant spending on vaccines and logistics, part in foreign currency. However, international aid is often slow to arrive. During the Covid-19 pandemic, for example, the DRC had to exceed its health fund commitments by 1,348%.
While the country is currently stable, with foreign exchange reserves covering 3.4 months of imports and external public debt at 9.8% of GDP in 2023, rising population needs and security issues in the northeast are putting pressure on the budget. Although donors can provide additional resources, these have often been insufficient.
The recent decline in mpox cases is positive news for budget management since it reduces the risk of funds being redirected from other important areas, like public investment, to fight the disease.
Georges Auréole Bamba
Moody's is optimistic about the Democratic Republic of Congo's (DRC) growth prospects through 2028. "We expect the DRC economy to continue to grow with an average real GDP growth rate of around 6% until 2028," the US rating agency stated in a report obtained by Bankable. According to the agency, the mining sector will mainly drive this growth; especially copper, a mineral crucial for the global energy transition. and for which the DRC is Africa's leading producer.
Inflation is also under control, with Moody's predicting it will drop below 10% by the end of 2025, down from 23.8% at the end of 2023. This decrease would improve purchasing power for Congolese citizens and stabilize the economy, making it more attractive to foreign investors and boosting domestic spending.
The DRC's economic growth is supported by various initiatives. In the mining sector, which drives the economy, transition minerals are in high demand, with prices exceeding initial forecasts. The government strives to keep inflation in check while maintaining growth, aided by a trade surplus that supports the national currency.
Besides the mining sector’s boom, the Congolese government plans to boost growth through public investment. A proposed public spending project of over $3.7 billion from 2025 to 2028 is currently under discussion in parliament and aims to improve infrastructure. If approved, this project could be fully funded by revenues from the extractive sector, which totaled $5.7 billion in 2023. Also, the Development Plan covering the country’s 145 territories aims to stimulate local economies. The second phase of this plan is being discussed at the moment.
While the DRC needs to improve its ability to mobilize internal resources, its low public debt, just 15% of GDP, is a major advantage. The figure is well below the sub-Saharan African average of 58%. This allows it to raise capital internationally on favorable terms, supporting investments in key areas like agriculture, housing, and energy.
The DRC is a nation with great potential and resources. However, it could achieve inclusive and sustainable growth if it overcomes its challenges. Economic diversification and infrastructure improvement are priorities, and with effective policies and a clear vision, these goals are achievable. Moody's optimism reflects the DRC's resilience and potential for growth.
Georges Auréole Bamba
Last week at the China Mining Forum, François Balumuene, the Democratic Republic of Congo's (DRC) ambassador to China, invited investors to contribute to the local production and processing of resources, not just extraction.
"We have highlighted all our country's mining potential to encourage investors to come not just to extract, but above all to produce, transform, and go as far as possible toward the finished product. This message aims to raise awareness because we are no longer a simple mining community," Balumuene said, stressing the need to create more value for the Congolese people.
The diplomat’s words echo Julien Paluku’s, the Congolese Minister of Foreign Trade. On October 17, speaking at the 10th Rebranding Africa Forum in Brussels, Belgium, Paluku referenced a 2021 BloombergNEF report showing that investing in processing minerals like cobalt and copper in the DRC is more cost-effective.
According to the report, "building a 10,000-ton cathode precursor plant in the DRC would require an investment of $39 million. This is three times less than the cost of a similar plant in the USA. The same plant in China and Poland would cost $112 million and $65 million, respectively."
The DRC is also looking to attract investors for lithium battery production. During a recent visit to Hungary, President Félix Tshisekedi was accompanied by the Managing Director of Congo Battery, highlighting the government's interest in this sector. Hungary, one of Europe’s largest battery producers, could help establish this industry in the DRC.
The recent declarations align with the government’s ambition to leverage the DRC’s position as a leading producer of strategic minerals essential for energy transition. Ultimately, the goal is to build a strong local industry that can compete with major processing countries like China.
In his recent speech, Balumuene clearly relayed this ambition of the DRC to process its mineral resources locally, to ensure that the Congolese people benefit directly.
Georges Auréole Bamba
During the Council of Ministers held on October 18, 2024, the Congolese government approved a pilot project to boost DR Congo’s poultry output. "This project will cover eight areas across the country and aims to organize the poultry sector and connect modern and traditional farming to ensure food security and self-sufficiency in poultry products (meat, eggs, and derivatives)," read the Council’s minutes, published by the Communication Ministry.
According to the Minister of Fisheries and Livestock, the project will run for 24 months, starting this year. While specific details were not provided, reports suggest the project will focus on training producers, improving access to quality supplies, and developing poultry farming infrastructure.
According to the Central Bank of Congo (BCC), the DRC's poultry flock was estimated at over 18.9 million birds in 2023. However, since the local production fails to meet demand, the country has been importing more.
Data from the Trade Map platform shows that Congolese poultry meat imports have grown by an average of 3.72% per year over the past five years, rising from 122,964 tonnes in 2019 to over 142,300 tonnes in 2023. Over this period, import costs have also increased by an average of 8.05% per year–from $66.4 million in 2019 to nearly $91 million in 2023.
Stéphanas Assocle, Ecofin Agency
Fabrice Lusinde, Managing Director of the DR Congo’s Electricity company, Société National d’Electricité (SNEL), visited the Funa high-voltage substation on October 20, 2024. During the visit, he said power would gradually be restored in Kinshasa, the capital, after recent power outages.
"Yesterday at 7 am, there was water everywhere. This morning at 6:20, there was still 10 centimeters of water. It's now 5:30 pm, and we're ready to put transformer number 1 back into service. This means that in less than 48 hours, we will be able to resume normal operation of the Funa substation," he said.
The Funa substation was shut down after flooding from heavy rains on October 19 left nearly two million residents without power. The substation has two transformers and supplies several neighborhoods, including parts of Gombe, Lingwala, Barumbu, Kinshasa, Kalamu, Bumbu, Selembao, Makala, Lemba, and Masina, as well as the Limete industrial zone.
Lusinde explained that the flooding was caused by construction works that obstructed the Kalamu River, a tributary of the Congo River. He then added that the Ministry of Hydroelectric Resources and Electricity is working on a project to clear the riverbed.
« Le temps d'indisponibilité ayant été réduit, le transfo numéro 1 devrait déjà être remis en service » pour rétablir l'électricité dans plusieurs quartiers de Kinshasa qui sont encore dans le noir, rassure le DG de la SNEL, à l'issue de la visite du poste de la Funa, inondé… pic.twitter.com/as04ocReFQ
— TOP CONGO FM (@TopCongo) October 20, 2024
Before the recent power cuts, some neighborhoods like Huilerie had already been without electricity for several days. According to SNEL, electricity capacity has not changed much since 2021, and transmission and distribution infrastructure is still in poor condition. As a result, many households and businesses depend on generators for power, which is not an option for everyone.
In addition to distributing electricity, SNEL is a key company in the state’s portfolio. A recent government report and statements from Minister Jacques-Lucien Bussa indicate that all entities need restructuring to improve efficiency.
Georges Auréole Bamba
Gécamines has offered to buy the assets of Chemaf Resources in the Democratic Republic of Congo (DRC). Chemaf has been running since 208 the Mutoshi project. The latter can produce 16,000 tonnes of cobalt and 50,000 tonnes of copper annually. Due to financial issues, however, Chemaf announced in June 2024 that it planned to sell itself and its subsidiaries, including Mutoshi, to the Chinese company Norin Mining. Gécamines, the State company for Mines, opposed this sale and quickly voiced its objections, which the government supported.
The mining license for Mutoshi belongs to Gécamines. In 2015, Gécamines gave Chemaf a 25-year lease for the project. Gécamines has a "discretionary right of prior approval" for any changes in control, which Chemaf is said to have ignored before trying to finalize the sale. After canceling the deal with Norin Mining, Gécamines is now looking to regain control of Mutoshi and other licenses held by Chemaf.
For now, details of Gécamines’s offer are unknown, and it’s unclear what will happen next. This bid comes as the DRC seeks to diversify its partnerships in strategic minerals, which are mostly controlled by Chinese companies. For example, China's CMOC operates two mines in the DRC and is set to become the world’s leading cobalt producer by 2023. Ivanhoe Mines, which co-owns the largest copper mine in the DRC, is also over 34% controlled by Chinese firms, China CITIC Bank and Zijin Mining Group. The latter, it should be noted, co-owns the Kamoa-Kakula project with Ivanhoe and the Congolese State. The State owns 20% of the project, while the other own 39.6% each.
In an October 2024 interview, Congolese Mining Minister Kizito Pakabomba said the DRC is looking for new investors, including from the United Arab Emirates. He stressed the need to "attract better investors, more investors, and diversified investors," as most of the country’s copper and cobalt mines are currently controlled or linked to Chinese companies.
Becoming a key player in production and distribution
Gécamines has started renegotiating agreements with Chinese companies. After blocking CMOC exports for nearly a year, last year the Congolese company secured the right to acquire a production volume proportional to its 20% stake in the Tenke-Fungurume mine. At the beginning of 2024, Gécamines obtained similar production rights from Sicomines, a joint venture with Chinese companies where it holds a 32% stake. Gécamines is also negotiating similar agreements with other joint ventures it is involved in. Once a major player in copper and cobalt production in the 1980s, Gécamines aims to become a key trader in Congolese copper and cobalt.
Last month, Bloomberg reported that Gécamines made its first copper sales thanks to an agreement with CMOC. The Congolese company sold undisclosed quantities of copper to Glencore, Mercuria Energy Group, and Trafigura Group.
Tenke Fungurume has an annual production capacity of 450,000 tonnes of copper and 37,000 tonnes of cobalt. If the plant operates at full capacity this year, Gécamines could directly market 90,000 tonnes of copper and 7,400 tonnes of cobalt.
Umicore and STL (Societé pour le Traitement du Terril de Lubumbashi) , subsidiary of Gécamines, have signed an exclusive, long-term partnership agreement whereby Umicore will support STL to valorize germanium from the Big Hill tailings site in Lubumbashi: https://t.co/RFWqpPd8NZ pic.twitter.com/avWPJtEtaa
— Umicore (@UmicoreGroup) May 8, 2024
Besides copper and cobalt, Gécamines is working to strengthen its position in other metals, including Germanium. In 2023, Gécamines’ subsidiary STL built and launched a hydrometallurgical plant to process Germanium tailings from the "Big Hill" site in Lubumbashi. This project aims to secure 30% of the world’s germanium supply, currently dominated by China. Germanium is an essential metal used to make semiconductors.
On this project, Gécamines teamed up with Umicore, a Belgian company. Under their partnership agreement announced in May 2024, Umicore will provide technical expertise to refine germanium concentrates locally. In mid-October 2024, Gécamines announced its first shipment of germanium to Umicore.
"This first shipment of germanium confirms our ambition to make Congo a global hub for strategic metals, both for their extraction, which we already are in part, and for their local transformation in the future," said Gécamines President Guy Robert Lukama.
#News - Ivanhoe Mines and Gécamines sign a new joint venture agreement to restart the ultra-high-grade Kipushi Mine, a century since first opening.
— Ivanhoe Mines (@IvanhoeMines_) January 16, 2024
👉https://t.co/H27OQnVlUP pic.twitter.com/AWFzdZ14jN
Gécamines also aims to become a major zinc supplier, at the global level. This year, in partnership with Ivanhoe Mines, it reopened the Kipushi mine, inactive since 1993. Gécamines wants Kipushi one of the world’s 10 largest zinc mines. At full capacity, Kipushi is expected to produce 278,000 tonnes of zinc annually, averaging 240,000 tonnes per year over 14 years.
Under an agreement signed last January, Gécamines' stake in the Kipushi project will increase from 38% to 43% on January 25, 2027. It will rise to 80% once at least 2 million tonnes of ore have been extracted and processed, compared to Ivanhoe's current 20% stake as majority shareholder.
Avoid past mistakes
The measures taken by the Democratic Republic of Congo (DRC) in recent years to control its mineral wealth could boost mining’s economic impacts. In addition to previous successes, Kinshasa has revised the "mines for infrastructure" contract with China (Socomines), securing over $7 billion in infrastructure investments and a 1.2% royalty on Socomines' annual revenue. Under the agreement with CMOC, Gécamines will receive $800 million between 2023 and 2028, plus at least $1.2 billion in dividends over the life of the Tenke Fungurume mine.
The government’s efforts come as the country’s mining industry, especially the copper, cobalt, and lithium sectors, appeal more to investors. These minerals are vital for the energy transition. However, the government and Gécamines must avoid past mistakes, such as poor management, unfavorable agreements, corruption, and legal disputes with foreign investors that have diminished Gécamines' influence over the years.
Emiliano Tossou, Ecofin Agency
In the Democratic Republic of Congo (DRC), Melci Holding, a local firm, and Soleos Energy, from India, are building a 200 MW solar power plant in Fipango, a village in the Kipushi territory of Haut-Katanga province. The project, which was kicked off on October 19, 2024, is expected to be completed by the end of 2025 and will cost $200 million.
This solar plant will greatly help meet the region's increasing energy needs. It will nearly boost Haut-Katanga's installed capacity, from 119.52 MW (in 2023) to 319.52 MW.
The facility is expected to produce almost 350 million kilowatt-hours of electricity annually, benefiting over one million people. Initially, its output will be sold to Société Nationale d'Électricité (SNEL) under a 25-year contract, which will then distribute it to homes and businesses. The project is also expected to create over 2,000 jobs during construction and more than 500 permanent jobs when it is running.
Jason Temasfield, CFO of Soleos Energy, said that partnering with Melci Holdings strengthens their ability to deliver large solar projects. He added that the company aims to implement up to 1,000 MW of solar projects in the DRC. After meeting with project leaders, Julien Paluku, Minister of Foreign Trade, said this project is the first step in a larger plan to install solar parks with a total capacity of 500 MW.
The DRC is one of Africa’s most promising markets for energy development. The country wants to diversify its economy by developing agro-industry and processing its mineral resources locally. However, it has a critical need for electricity as its current capacity does not meet demand. According to "The Energy Progress Report 2023" from the World Bank and the International Energy Agency, the DRC has an electrification rate of 21%, one of the lowest rates in Africa.
Pierre Mukoko
Rebranding Africa Forum: Congolese Minister, Julien Paluku, Advocates Reforming Financing Mechanisms
For the African Continental Free Trade Area (AfCFTA) to be successfully implemented, existing financing methods must be reformed across the continent. This is the opinion of Julien Paluku, the Minister of Foreign Trade for the Democratic Republic of Congo (DRC). The official commented on the matter at the 10th Rebranding Africa Forum, held last week, on October 17, 18, and 19.
Paluku then urged regional development banks to change their financial tools to better meet Africans’ needs, stressing the importance of "tropicalizing" procedures. He believes these adjustments are crucial for addressing local economic challenges and supporting the AfCFTA more efficiently.
The Congolese minister also mentioned that establishing rules of origin important for determining which goods qualify for trade agreements is a concern for many countries. "These rules must be harmonized to facilitate trade between African nations without creating market distortions," he said. He noted that the DRC has already started aligning its commitments underAfCFTA and is a member of several regional economic communities, including ECCAS and SADC.
According to other speakers present at the forum, besides financing other challenges hampering the AfCFTA include the free movement of goods and people and the lack of coordination between private banks and governments, which limits banks' ability to finance trade within Africa.
While acknowledging these challenges, Julien Paluku insisted that the AfCFTA's success relies on effective industrialization and financing methods that take into account local contexts. He asked African development banks and governments to commit more resources to overcome current obstacles and leverage the AfCFTA as a true driver for Africa’s development.
GAB in Brussels
The task force set up to boost cooperation between China and the Democratic Republic of Congo (DRC) met last week, on October 16, in Kinshasa, DRC. This is the group’s second meeting since its creation. The meeting was attended by the Congolese minister of foreign trade, Julien Paluku, and China’s ambassador in the DRC, Zhao Bin.
Besides boosting cooperation between the two countries, the Sino-Congolese task force aims to help the DRC secure a significant share of the $50.7 billion in funding announced by Chinese President Xi Jinping at the ninth Forum on China-Africa Cooperation (FOCAC) in Beijing on September 5. According to Julien Paluku, Zhao Bin was invited to “expand on the 10 actions announced by President Xi during the FOCAC and outline the four priority sectors for the projects we must develop”.
After last week’s meeting, Paluku revealed that the top four sectors include agriculture, mining transformation, and digital technology. The Congolese official said Ambassador Bin stressed that “the projects (ed.note: submitted) must come with feasibility studies, which can also be done by Chinese companies”. Paluku noted that each ministry must prepare projects that will be submitted to the Chinese side for financing. However, before the projects are submitted they must be validated by the Sino-Congolese task force.
The task force is coordinated by Jean-Pierre Bemba, the Minister of Transport, Communication Routes, and Opening-up, the task force ensures that projects submitted for Chinese funding are well-prepared and meet priority sectors.
A stronger cooperation
Last September, at the FOCAC, the DRC and China signed an economic partnership agreement in Beijing to enhance their collaboration. This agreement aims to promote inclusive and sustainable growth by supporting the DRC's industrialization and improving its agricultural competitiveness in global markets. The two countries plan to ease trade through the liberalization of goods and services while boosting cooperation in ecological development.
The agreement focuses on four main areas: simplifying trade between the countries; improving economic inclusiveness and sustainable development; strengthening supply chains by attracting investment for Congolese industries; and advancing the DRC's digital transformation with initiatives in e-commerce and logistics.
If successful, this cooperation could increase China's influence in the DRC. The American think tank China Economic & Strategy Initiative (CESI) has identified the DRC as a key center for Chinese economic influence in Africa. CESI also notes that the DRC has one of the largest gaps in economic influence between China and the United States, with an 11-point lead for China.
Emmanuel Tumanjong
Last week, the Prime Minister of the Democratic Republic of Congo (DRC), Judith Suminwa, attended the Rebranding Africa Forum in Brussels, Belgium. On the forum’s opening day, Suminwa encouraged investors to come to her country and explore available business opportunities. Representing President Félix Tshisekedi, she highlighted the DRC's rich natural resources, including cobalt, gold, and oil, despite ongoing security challenges.
"The DRC offers unique development opportunities for those who choose to invest there now," said Thierry Hot, the event's promoter.
"It is essential to exchange ideas and formulate concrete proposals that lead to a convergence of skills," the PM added. She also emphasized the need for collaboration among public, private, and civil society sectors to boost the economy. Suminwa also pointed out the important roles of youth and women in economic development.
In her closing remarks, the Congolese official stressed that the DRC's growth relies on everyone working together and called for "collective action to realize existing opportunities."
The DRC keeps ramping up efforts to improve its business environment. Its public investment plan for the next three years includes spending 10,646 billion Congolese francs ($3.7 billion) on infrastructure projects in transport, energy, and food production.
Georges Auréole Bamba in Brussels
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Ivanhoe Mines has cut its zinc production targets for 2024 at the Kipushi mine in the Democratic Republic of Congo (DRC). In a press release on October 7, 2024, the Canadian company said it halved the estimate from 100,000-140,000 tonnes to 50,000-70,000 tonnes of zinc concentrates.
"The transition to a stable annual production rate of over 250,000 tonnes of zinc concentrate from the Kipushi concentrator has been slower than expected due to three main factors: first, the ore extracted has a high iron content, which negatively affected concentrator recoveries. Second, the density separation circuit had more fine material than anticipated, limiting throughput. Lastly, the increase in power needs from 5 MW during construction to 18 MW for operations revealed issues in the local power grid," the company explained.
Ivanhoe said it is working on a program to fix these issues but did not provide details on when it will be completed.
Despite these challenges, Kipushi produced 17,817 tonnes of zinc in the third quarter of 2024, and exports began toward the end of that quarter. However, reaching the expected annual production of over 250,000 tonnes of zinc concentrate from this mine is still a long way off.
Kipushi is owned by Ivanhoe Mines (62%) and the Congolese government (38%).
ET
On October 14, 2024, Anna Bjerde, the World Bank's Managing Director of Operations, finished a four-day visit to the Democratic Republic of Congo (DRC). During her trip, she reviewed the World Bank's projects in the country. "The World Bank is implementing 22 projects in the DRC, with an investment of around $7.3 billion. We have the opportunity to accelerate these investments to achieve rapid results," she said after meeting with top officials, including President Félix Antoine Tshisekedi and Prime Minister Judith Suminwa.
Bjerde did not share details about the progress of these projects or any challenges faced during their implementation. She also did not mention the necessary solutions to speed things up.
The World Bank's work in the DRC focuses on important areas like economic management, governance, private sector development, human capital (health, education, social protection), and sustainable development (infrastructure, agriculture, food security, electricity, and water).
Recently, the World Bank announced a billion-dollar investment in the Inga 3 hydroelectric dam project (11,000 MW), which is a key priority for the DRC. It also plans to invest $510 million in a digital transformation project starting in February 2025.
"We are very impressed by the success of the free basic education policy in the DRC," Bjerde said. A few weeks ago, Kinshasa announced it would eliminate all school fees in public primary schools. This change is expected to help 3.5 million children about 26.7% of elementary school-age kids attend school.
Olivier de Souza
Initially scheduled for June 2024, the Forests and Savannas Restoration Investment Program (PIFORES) was launched on October 14 in Kinshasa. The launching ceremony was attended by Anna Bjerde, the World Bank's Managing Director of Operations.
The PIFORES aims to improve land-use planning, forest management, and the livelihoods of local communities in seven provinces: Kinshasa, Kongo Central, Kwilu, Kasaï, Kasaï Central, Kasaï Oriental, and Lomami. The World Bank loaned the DRC $300 million for the project.
According to official documents reviewed by Bankable, the loan breaks down into several components: $17 million for improving land-use planning and governance for natural resource management, $215 million for developing agroforestry and forestry value chains; here, the goal is to foster sustainable landscape management and enhance local livelihoods. Another $25 million will support the development of a sustainable value chain for energy and clean cooking. Finally, $13 million will be invested in innovative approaches for measurement, reporting, verification, and results-based climate financing. $30 million is set aside for project implementation, monitoring, and evaluation.
To implement the components related to agroforestry and forestry value chains as well as clean energy initiatives—accounting for most of the project budget ($240 million)—micro-grants will be awarded to projects focused on forestry, agroforestry, and improved cookstove production. These grants will supplement the project owner's funding, with specific percentages and maximum amounts detailed in the program manual. In a previous program, the owner's contribution ranged from 40% to 60%, with co-financing between $100,000 and $1 million. Beneficiaries may include SMEs, smallholders, private operators, and farming households selected through bidding.
Submitted forestry and agroforestry projects must cover between 50 and 1,000 hectares. Applicants must present a business plan showing an acceptable return on investment, taking into account the subsidy. Here, projects must also meet socio-environmental standards and demonstrate a positive social impact on neighboring communities through employment or investment benefits. For small private landowners, plantation areas should range from about 10 to 50 hectares; farming households should have between 1 and 50 hectares. All project owners must have a land title.
The World Bank and the DRC government are behind the PIFORES project. They said the program should benefit around 4.5 million people, including 50,000 from indigenous communities. Regarding potential impacts on poverty reduction, the initiators referred to a similar program (also in agroforestry) that boosted beneficiaries’ income by 18% —about $448 per year—along with significant non-monetary benefits. Additionally, the PIFORES aims to bring over 4 million hectares of land under sustainable use practices, helping to reduce deforestation in targeted areas by about 10% while sequestering or preventing emissions of 30 to 35 million tons of CO2.
Pierre Mukoko
On October 8, 2024, Albert Zeufack, the World Bank's representative in the Democratic Republic of Congo, announced plans for a multi-phase, billion-dollar program to develop Grand Inga. "This program, which includes the iconic Inga III dam project, aims to transform the DRC's economy, ensure Africa's energy security, and contribute significantly to the global energy transition," Zeufack said on his LinkedIn account.
The Inga III hydroelectric dam project has faced many delays and reassessments over the years. While the World Bank is playing a key role in its current phase of development, Inga III is not yet officially part of the institution's interventions.
The funding will not only help cover implementation costs but also support the redesign and execution of the project. The goal is to ensure steady progress through various development phases while overcoming technical and financial challenges that have hindered the project so far.
This year, two projects, totaling $745 million, were launched. The first, valued at $145 million, was completed on June 30, 2024. According to the World Bank, this project expanded electricity access to 2.2 million people, mainly in Kinshasa.
The second project is ongoing. It involves a $600 million contribution to an integrated water and electricity initiative, which has a total cost of $900 million. This complex project may also prepare for the support needed to restart Inga III.
This initiative includes activities aimed at strengthening provincial authorities' technical capacities to implement effective water and electricity distribution policies. It also provides credit lines to the private sector for power generation while allocating around $223.25 million for the public sector.
Inga III is becoming a strategic priority for the DRC. The project's importance has evolved since its inception, requiring a new approach to adapt to current conditions. One major challenge remains financial modeling, which is essential for ensuring the project's viability.
The Congolese government is considering building a power plant with an installed capacity of 4.8 gigawatts. The project is expected to pump around $15 billion. The sum could be raised through mining contracts like the Sicomines deal. However, careful management is crucial, and the World Bank could play a key role in this effort.
George Auréole Bamba