• Project will add new terminal for 1 million passengers and expanded freight facilities.
• Contract awarded via EPC+F model; financing terms not disclosed.
• Selection process sparks questions over transparency and competitive bidding.
Turkish construction firm Summa has begun work to modernise Luano International Airport in Lubumbashi, Democratic Republic of Congo, in a project aimed at boosting passenger and cargo capacity, officials said on Wednesday.
The ground-breaking ceremony was held on June 26 during a site visit by Haut-Katanga governor Jacques Kyabula and provincial transport minister Lorraine Lusamba. The project follows an April 18 launch by President Félix-Antoine Tshisekedi, despite public criticism over a lack of disclosure about contract details and partner selection.
In a May statement, the transport ministry said a memorandum of understanding had been signed with Summa on March 12, citing innovative financing, an accelerated timeline, and the company’s international track record as justification for the choice. However, authorities did not clarify whether a competitive tender was held.
Under the EPC+F (Engineering, Procurement, Construction and Financing) model, Summa will design, build, and pre-finance the project, handing it over to the Congolese state upon completion. The government will then manage the airport and gradually repay the company, though repayment terms have not been published.
The upgrade includes an 8,000 sq m terminal designed to handle up to 1 million passengers per year, parking for four wide-body aircraft, a 5,000-tonne cargo terminal, a maintenance centre, storage hangar, wastewater treatment plant, and upgraded access roads and fire safety systems.
Per the contract’s terms, the works should take 20 months, but Summa says it will do it in 18 months, in line with the government’s push to accelerate major infrastructure projects, according to the transport ministry.
Founded by Mete Bora in 1989, Summa is controlled by Selim and Sinan Bora, who hold, respectively, 42.41 and 41.22% of the company according to the International Finance Corporation (IFC). The firm has delivered projects in nine African countries, including airports in Dakar, Niamey, and Bissau.
Summa has already made headlines in the DRC. The contract to build the Kinshasa arena, signed in July 2022, was withdrawn in favor of Milvest, considered more competitive, according to former Finance Minister Nicolas Kazadi.
This type of contract is preferred by Summa for its African projects. According to the group, it overcomes one of the main challenges encountered on the continent: the imbalance between the execution of works and the disbursement of funds.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
The Anhui-Congo Mining Investment Company (SACIM) stands among three mining firms facing suspension after the Court of Auditors found them delinquent on legally required community contributions. The June audit report faulted the companies for failing to pay 0.3% of their turnover, funds meant to support community projects in mining areas.
SACIM already struggles financially after recent diamond sales restrictions limited its buyers to a few approved partners. Although the restrictions lifted, SACIM’s operations remain paralyzed. Workers, unpaid for thirteen months, staged multiple strikes to protest the dire situation.
At SACIM’s main site in Miabi, Kasaï Oriental, local civil society groups complain that communities have yet to receive any of the mandated contributions since the specialized oversight body was established in 2022. The Court reports SACIM owes nearly $700,000 in unpaid fees intended for local development.
The Court also named OM Metal Resources and the Lubumbashi Tailings Processing Company as defaulters. Together, the three firms owe $2.77 million in unpaid community contributions from 2018 to 2023, despite generating significant revenues.
The Court slammed the Supervisory Committee for failing to sanction these companies despite repeated warnings. It dismissed claims that leniency was needed to protect the business climate. The Court stressed that legal obligations must not obstruct investment, especially since these companies pay other taxes.
The Court urged the Supervisory Committee, via the Minister of Mines, to suspend the companies’ operations under Article 292 of the Mining Code until they clear their debts in full.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ange Jason Quenum
Access Bank RDC, the Congolese subsidiary of Nigeria’s Access Bank Group, is stepping up its support for small and medium-sized businesses (SMEs) with a new financing program. The bank plans to inject $25 million into SME lending in the Democratic Republic of Congo during the second half of 2025.
The plan, outlined in the bank’s Pillar 3 report published on May 5, 2025, took a key step forward on June 28, when Access Bank signed a memorandum of understanding with the Agency for the Promotion of the Congolese Middle Class (Aprocm).
To limit risk, Access Bank will rely on Aprocm’s database, which contains detailed information on registered SMEs. The goal is to identify the most reliable businesses and tailor offers ranging from loans to cash management and training programs. Aprocm will support SMEs with technical assistance and help raise awareness about the financing opportunities available.
Aprocm, established in 2021, works to develop an entrepreneurial middle class in the DRC. It manages the platform created under the Support Project for the Development of Micro, Small, and Medium Enterprises (PADMPME), which connects entrepreneurs with specialized service providers.
Access Bank aims to expand its footprint in the Congolese banking sector. In 2024, its total assets stood at $409.8 million, falling short of its initial target of $524 million. The bank now targets $750 million in assets by 2025, representing a 7.6% increase over its 2024 projections.
The Pillar 3 report did not specify how much the SME segment is expected to contribute to this growth. However, it shows that outstanding SME loans stood at 43.4 billion Congolese francs in 2024, equivalent to $15.4 million based on the average annual exchange rate.
• Wheat flour cost jumps from 120,000 to 180,000 Congolese francs since late June.
• Kinshasa supply disruptions trigger cascading shortages in Maï-Ndombe province.
• Bakeries scale back or shut down, deepening food insecurity.
Bread has become increasingly scarce in Inongo, the capital of Maï-Ndombe province, as wheat flour prices have surged 50% since late June, local traders said on Tuesday.
A 50kg sack of flour now costs 180,000 Congolese francs ($63), up from 120,000 francs, due to supply shortages in Kinshasa, the region’s main distribution hub. “We are experiencing the domino effect of the scarcity in Kinshasa. Our warehouses have been empty for days,” said Rodrigues Mbolia, manager of Super Mima depot, according to the Congolese Press Agency.
Even before the latest spike, Inongo’s markets were under strain. Since April, staples such as cassava and fish have been in short supply amid disputes between city hall and vendors accused of speculative pricing. Authorities imposed price caps that were later relaxed—up to 50% margins to account for logistics—but the measures disrupted distribution networks.
Some producers were instructed to sell directly at markets, bypassing intermediaries and fueling tensions along the supply chain.
Bread, a staple food, has now become hard to find. Many bakeries have cut production or closed temporarily, citing lack of flour and poor profitability. The situation has worsened food insecurity in a city already grappling with inflation and falling purchasing power.
Local authorities have urged residents to remain patient while awaiting new deliveries, but no timeline or logistics plan has been announced, leaving uncertainty over when supplies will stabilise.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
IXM, the metals trading unit of China Molybdenum (CMOC), declared force majeure on its cobalt supply contracts on June 30. This decision followed the Democratic Republic of Congo’s (DRC) extension by three months of the cobalt export ban, which was initially imposed on February 22, 2025.
IXM explained that the extended export ban makes it both legally and practically impossible for its suppliers—including Tenke Fungurume Mining and CMOC Kisanfu Mining—to export cobalt-based products from the DRC. This situation directly affects IXM’s ability to fulfill its contractual obligations. The company emphasized that despite the increased volatility in the global cobalt supply chain, it remains committed to managing this disruption responsibly while respecting all contractual and regulatory frameworks.
According to S&P Global Ratings, a European market participant noted that the suspension was inevitable and expressed surprise that it had taken this long to occur. Earlier in March, Telf AG, which markets cobalt for Eurasian Resources Group (ERG), had already declared force majeure to its clients. Glencore, another major player active in the DRC, publicly supported the extension of the export embargo.
IXM’s announcement is likely to unsettle markets amid growing uncertainty about global cobalt supplies. The suspension of exports particularly impacts Chinese refiners, who depend heavily on cobalt hydroxide imports from the DRC.
Behind this export ban, the Congolese government seeks to capture more value from cobalt, a strategic mineral currently sold in raw form on global markets. The country’s mining code imposes a special 15% royalty on cobalt due to its strategic importance. Moreover, the government may impose a superprofit tax if the selling price exceeds the projections made in companies’ feasibility studies.
A Risky Strategy
The public Enterprise Générale du Cobalt (EGC) now manages a significant portion of artisanal cobalt mining. This state entity aims to improve revenue collection from a sub-sector that has long operated informally.
Cobalt prices stood at $33,335 per ton on June 30, 2025, according to Trading Economics. This price represents a 61.7% increase since the initial export suspension was announced. However, it remains well below previous peaks of $79,191 in April 2022 and $95,856 in March 2018.
Market observers warn that the DRC’s hardline approach could discourage mining companies from investing or continuing operations in the country. On a global scale, the export ban could accelerate the development of alternative cobalt projects in countries such as Indonesia, Australia, and Canada.
In 2024, the DRC accounted for 73.6% of the world’s cobalt supply. However, S&P Global Market Intelligence projects that this share could decline to 57% by 2035 due to the gradual depletion of ore reserves and Indonesia’s expanding refining capacity using high-pressure acid leaching (HPAL) technology.
Facing these uncertainties, manufacturers of batteries and electric vehicles—who rely heavily on Congolese cobalt—are accelerating their diversification efforts. These efforts include securing long-term supply contracts with other countries, investing in battery recycling technologies, and developing cobalt-free energy storage solutions. Producers of consumer electronics are pursuing similar strategies.
Georges Auréole Bamba
The Executive Board of the International Monetary Fund (IMF) is set to meet today, July 2, 2025, to discuss the first review of the Democratic Republic of Congo's (DRC) three-year economic program. The program is supported by the IMF's Extended Credit Facility (ECF). Sources close to the matter expect the Board to issue a favorable opinion.
The DRC has already met the first key requirement for this review. "The IMF mission and the DRC authorities have reached a staff-level agreement," confirmed Calixte Ahokpossi, the IMF's mission chief for the DRC, following his visit to Kinshasa between April 30 and May 13.
Upon the Board's approval, the DRC expects to receive a $266.7 million disbursement, the second installment under the $1.729 billion program. The first payment, totaling $266.14 million, was approved in January 2025 when the program launched.
Congolese officials are keenly awaiting these funds. The financing has already been incorporated into the 2025 budget as part of a revised finance bill, which Parliament approved in May. The funds are expected to help lessen the impact of the ongoing security crisis in the country's eastern areas. This crisis led to a 1.7% cut in the original budget, now set at $17.2 billion.
Despite facing a challenging environment, the IMF observed that Congolese authorities have continued to implement the agreed reforms. Encouraging signs for regional stability include a peace agreement between the DRC and Rwanda, as well as ongoing mediation with M23 rebels, facilitated by Qatar.
The ECF-supported program is designed to bolster macroeconomic stability, enhance public financial governance, and fund a portion of the budget deficit. The IMF is also closely tracking the management of state-owned enterprises and public debt trends. The program's framework includes periodic reviews tied to the nation's economic performance and progress on structural reforms.
This current initiative follows a prior assistance cycle that ran from 2021 to 2024. That cycle resulted in several disbursements linked to measures promoting budget transparency, disclosure of mining contracts, and reforms of fuel subsidies.
Written in French by Georges Auréole Bamba,
Translated and Adapted into English by Mouka Mezonlin
Fisheries and Livestock Minister Jean-Pierre Tshimanga Buana, announced during the 27th June 2025 council of ministers that eight new fishing boats are soon to arrive. These include three trawlers for marine fishing on the Atlantic coast, and five vessels adapted for river waters.
The vessels, which left the Damietta shipyard in Egypt on June 5, 2025, were built by Pyrlant Shipyard, the technical partner of Yetu Industries. Yetu had signed a contract in 2023 with the Congolese government to manufacture and deliver 15 industrial fishing boats. The arrival date of the vessels in the Democratic Republic of Congo (DRC) has not yet been communicated. According to the minutes of the council of ministers, they will dock at Boma port, in the Kongo Central Province, where they will remain until they are commissioned.
The minutes of the council of ministers dated 27th December 2024 stated that these boats would be managed by the National Fisheries and Aquaculture Office (ONPA). "To strengthen the efficiency the Government urgently needs, ensure coherence and thus avoid action overlap, the President of the Republic has invited the Minister of Fisheries and Livestock to consider taking concrete measures to support the ONPA in managing the fishing vessels ordered by the Government and whose delivery is imminent," the document reads.
However, despite being established on June 6, 2022, to increase national fisheries and aquaculture production, the ONPA still does not have an operating budget or office space. On June 24, during the national fish day, its chairwoman of the board, Henriette Wamu, once again expressed regret over this circumstance.
Despite an estimated fisheries potential of over 700,000 tons per year, the DRC exploits its resources sparingly. The lack of infrastructure, an appropriate fleet, and the prevalence of unsustainable, often unregulated fishing practices are to blame, according to the FAO. As a result, the country remains heavily dependent on fish imports, estimated at around 200,000 tons per year.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
Operations at the Port of Matadi are slowly improving, according to a June 2025 report by Top Congo FM radio. This revival follows rehabilitation efforts launched in 2024 by the National Transport Office (Onatra), aimed at modernizing the long-neglected state-owned enterprise, which had been hindered by outdated infrastructure for years.
The upgrades target quays 0, 1, and 2, and include building a new container yard. Onatra's Director General, Martin Lukusa, stated the project is mostly funded by internal resources. However, he did not provide details on the cost or the contractor performing the work.
Quays 1 and 2 are now operational. In January, Onatra acquired three new mobile cranes, allowing two vessels to be handled simultaneously. The current handling capacity is estimated at 1,500 TEUs, according to Olivier Tesi, Deputy Director of the container terminal. He noted a recent instance where a Maersk vessel was processed in 15 hours, though the specific volume handled was not disclosed.
Two more gantry cranes are expected by the end of July, which should further increase the terminal's capacity. Onatra ultimately aims to handle between 5,000 and 6,000 TEUs.
Due to its deteriorating facilities, Onatra previously transferred some assets to private partners through "win-win" agreements. One such partnership with the Philippine-based International Container Terminal Services Inc. (ICTSI) resulted in the creation of the Matadi Gateway Terminal (MGT), where Onatra holds a 10% stake. In November 2024, Matadi Corridor Container Terminals (MCTC) was granted a concession to modernize, equip, and operate another section of the terminal.
Written in French by Timothée Manoke (Intern),
Translated and adapted into English by Mouka Mezonlin
Asia Mineral, a Japanese mining company, has moved to expand its footprint in the Democratic Republic of Congo. On June 28, 2025, it signed a memorandum of understanding (MoU) with Congolese firm Kerith Resources to form a joint venture named Kivuvu Kongo Mines. The new company will mine and process manganese in Kongo Central province.
The deal was signed during the DRC-Japan Economic Forum in Tokyo under the theme “Investing in the DRC.” Prime Minister Judith Suminwa Tuluka led the Congolese delegation, joined by several government officials.
According to Actualité.cd, Felly Samuna, president of the Kongo Central Chamber of Commerce and Industry, confirmed the joint venture will be officially established in the province within two weeks. Asia Mineral will hold 60% of the venture, and Kerith Resources, a Congolese partner with limited public profile, will hold the remaining 40%.
Uncertain Reserves, Clear Intentions
Kivuvu Kongo Mines plans to tap into manganese reserves in Kongo Central. However, officials have not confirmed the site’s full potential. Asia Mineral began the exploration phase in Luozi territory in May.
At a Tokyo press conference, Foreign Trade Minister Julien Paluku said the project’s initial investment stands at $50 million. He said the company aims to produce 2 million tonnes of manganese annually.
The project could generate 2,500 direct jobs and stimulate local industries, including logistics, industrial subcontracting, and services.
For the Congolese government, the venture supports its broader strategy to diversify the mining sector. Officials aim to attract more partners, explore new minerals, expand mining areas, and promote local processing to increase the value of extracted resources.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ange Jason Quenum
The provincial customs office of Kongo Central has announced upcoming public auctions for goods left unclaimed at its facilities, following the deadlines set by national regulations.
According to a June 20 statement, the auctions concern items recorded in customs storage but not retrieved within the legal two-month period, as stated in Article 288 of the Customs Code.
The customs authority, known as DGDA, identified 174 importers whose goods are affected. They have been asked to settle their cases at least 48 hours before the auctions begin. Failure to do so will result in their merchandise being sold publicly.
The auctions, scheduled for July, will include a wide range of products such as vehicles, metal sheets, LED lamps, primary form polypropylene, bridge components, footwear, and paint products. The DGDA has not yet provided details on participation procedures.
The process will follow Articles 283 to 289 of the amended Customs Code and will take place in three phases. The first phase is set for July 7 to 12 at the Matadi-Beach office, the second from July 15 to 21 at the AIDEL/TICOM office, and the final phase from July 23 to 28 at the MGT office.
Congolese Foreign Minister Thérèse Kayikwamba Wagner and her Rwandan counterpart Olivier Nduhungirehe signed a peace agreement on June 27, 2025, in Washington. The deal aims to end the deadly conflict in eastern Democratic Republic of Congo. The ceremony took place at the U.S. Department of State, with U.S. Secretary of State Marco Rubio present.
Both Kinshasa and Kigali are hailing the agreement as "historic," describing it as a "major step toward lasting peace" and a "decisive advance toward ending the conflict." U.S. Secretary of State Marco Rubio called it "an important moment, after thirty years of war," though he cautioned that "much remains to be done." The real challenge now lies in effectively implementing the agreement to restore peace in the Great Lakes region.
“The DRC is committed to fully implementing this agreement and building a prosperous future for its citizens,” Thérèse Kayikwamba Wagner said. Her Rwandan counterpart reaffirmed Rwanda’s commitment to honor the terms of the deal and work toward sustainable peace.
The agreement builds on the Declaration of Principles signed on April 25, 2025. It reiterates key tenets: respect for sovereignty, non-interference, an end to support for armed groups, joint security coordination, the return of refugees, support for MONUSCO, and the promotion of regional economic integration.
This article was written in French by PM,
Edited in English by Mouka Mezonlin
The Congolese state has secured a 10% stake in Buenassa Resources SA, the subsidiary developing the Democratic Republic of Congo’s first copper and cobalt refinery. Minister of State Portfolio Jean-Lucien Bussa and Buenassa Resources CEO Eddy Kioni signed the memorandum of understanding on June 25.
Buenassa stated that this 10% stake is a golden share. While minority, it gives the government veto rights over strategic decisions affecting national interests, such as employment, taxes, local content, environmental issues, and the company’s overall strategy. To formalize this, Buenassa Resources changed its legal status from a limited liability company to a public limited company with a board of directors that now includes state representatives.
This agreement, described as a “strong signal to partners and investors,” opens the door for fundraising. Internal sources said Buenassa aims to raise $7 million to $8 million for the project’s feasibility study. The Congolese government has already contributed $3.5 million through the Industry Promotion Fund (FPI) to finance the initial scoping study.
The scoping study estimates the first phase of the project will cost $600 million. The refinery, expected to start operations by the end of 2027, should initially produce 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt sulfate each year. Ultimately, Buenassa plans to increase production to 120,000 tonnes of copper and 20,000 tonnes of cobalt annually.
The 12-month feasibility study will detail the project’s technical and economic plan, including the plant’s supply model. Officials are considering two options: using the state’s share of mining output or cobalt quotas reserved for local processing. The government reiterated during the Council of Ministers meeting on March 14, 2025, its commitment to better regulate cobalt exports and encourage domestic processing.
Buenassa’s management plans to start the feasibility study by September. However, they still need to secure a final site. They have identified a potential plot in Lualaba province, but the location remains unconfirmed.
Pierre Mukoko, Intern
• Rawbank’s revenue rose 6.2% to $514 million, with net profit up 11.4%
• Loan portfolio expanded by 34%, and a $400 million mining syndication was completed
• Strong growth in digital services, SME financing, and green initiatives across the DRC
Rawbank, the leading financial institution in the Democratic Republic of Congo (DRC), demonstrated its ability to combine performance, digital innovation, and social commitment in 2024, despite a challenging economic environment.
According to its annual report released on June 18, 2024, Rawbank recorded steady growth in both revenue and profitability, driven by a strategy centered on diversification, digitalization, and sustainable finance. The bank also successfully rolled out several innovative and inclusive financing solutions to support the national economy.
Net banking income, equivalent to revenue, reached $514 million, marking a 6.2% increase from 2023, supported by dynamic commercial activity and effective margin management. Net profit totaled $212.7 million, an 11.4% rise. These results reflect a return on equity (ROE) of 32.99% and a return on assets (ROA) of 3.43%. The bank’s capital adequacy ratio, aligned with international standards, stood at 20.44%, confirming its strong financial position and ability to meet growing financing needs while maintaining strict risk management.
International Syndicated Loan for Mining Sector
Total gross loans grew by 34% to $2.08 billion, driven by strong demand and a balanced credit policy. Deposits rose by nearly 20%, reaching $4.74 billion, reflecting renewed trust from both individuals and businesses. The loan-to-deposit ratio improved to 43.85%, showing healthy balance sheet management. Operating expenses accounted for 52.36% of income, while the cost of risk, based on net non-performing loans, remained low at 0.47%, highlighting effective risk control.
In 2024, Rawbank achieved a strategic milestone by completing a $400 million syndicated loan to finance the third development phase of the Kamoa-Kakula copper mine in Lualaba province. Organized with Africa Finance Corporation, Absa, and FBN Bank, the deal underscores Rawbank’s ability to structure large-scale international financing. It strengthens the mining sector, a key pillar of the Congolese economy, and positions Rawbank as a major player in high-impact infrastructure financing.
The report also highlighted the success of the “20,000 SMEs” program, launched with the Financial Inclusion Fund (FPM). In 2024, loans to small and medium-sized enterprises (SMEs) increased by 46.3%, reaching $225 million. The program targets sectors such as mining subcontracting, telecommunications, and agribusiness, promoting financial inclusion and access to credit for Congolese entrepreneurs.
Digital Transformation Gains Momentum
Rawbank’s Illicocash app, central to its digital strategy, recorded 1.5 million monthly visits in 2024, with transactions up 75% compared to 2023. The bank’s network of banking agents expanded to over 1,000 active service points nationwide. New features were added to meet the needs of connected customers, including receiving international transfers via Remitly, Xoom, and PayPal.
The bank also advanced its sustainable finance initiatives, mobilizing $22 million between 2023 and 2024 to support the green transition. Notable projects include a $2 million investment in improved cookstoves to reduce six million tons of CO₂ over ten years and a reforestation program in Idiofa, Kwilu province. Rawbank also integrated a carbon footprint calculator into the Illicocash app, enabling clients to track their environmental impact in real time.
Financial inclusion and equal opportunity remain central to Rawbank’s mission. The Lady’s First program now supports over 2,000 women entrepreneurs, while the She Leads initiative enabled nine female employees to reach management positions in 2024. Additionally, the Rawtalents program welcomed more than 25 young graduates to develop the next generation of leaders in the DRC’s banking sector.
“The dedication of our teams since 2002 continues to deliver results, with a renewed ambition to make Rawbank more than just a bank, but a driver of sustainable transformation for the DRC,” said Isabelle Lessedjina, Chair of the Board. CEO Mustafa Rawji added, “The 2024 results confirm the strength of our model built on efficiency, diversification, and innovation. They reflect renewed client trust and our commitment to actively supporting Congo’s economic transformation.”
Local communities in the Democratic Republic of Congo (DRC) were deprived of $198 million between 2018 and 2023. This shortfall resulted from underreporting, partial payment, or non-payment of the mandatory minimum allocation of 0.3% of turnover by mining companies. A report from the Court of Auditors revealed these findings, highlighting issues in the management of funds intended for community development projects in mining areas.
Published in June 2025, the audit specifically found discrepancies between revenues mining companies reported to the DOTS, the entities managing the allocation, and figures declared to the Directorate General of Taxes (DGI). This deliberate underreporting led to a $154.7 million deficit over the audited period.
Additionally, some companies made only partial payments, accumulating an outstanding balance of over $40.4 million. Others made no payments at all, creating an additional shortfall of $2.8 million.
Major companies implicated in the report include Kamoa Copper (Ivanhoe Mines and Zijin Mining), Kamoto Copper Company (Glencore), Sicomines (Crec-Sinohydro-Zhejiang), and Tenke Fungurume Mining (CMOC).
The Court of Auditors recommends that the Supervisory Committee order the affected companies to regularize their payments or face sanctions, potentially including the suspension of operations for gross misconduct. However, the report expressed regret over the lack of action by successive Ministers of Mines. It also called for establishing a systematic verification mechanism for turnover figures between the DGI and the DOTS.
This article was written in French by Boaz Kabeya (intern),
Edited in English by Mouka Mezonlin