News (733)
In a significant development for the artisanal gold sector in the Democratic Republic of Congo, DRC Gold Trading SA, a state-owned enterprise specializing in the purchase, marketing, and export of artisanal gold, announced on March 25, 2025, that it had successfully channeled over 280 kilograms of artisanal gold into Maniema province through its Kindu branch. This volume was achieved just two months after the branch's inauguration.
The company reported injecting more than US$27 million into the provincial economy, a feat largely attributed to its strategic partnership with Rawbank. This collaboration aligns with DRC Gold Trading SA's broader objective of integrating artisanal gold production into the formal economic circuit.
Cyprien Birhingingwa, Deputy Managing Director of DRC Gold Trading SA, added that the firm’s Kindu branch collected nearly 50kg of artisanal gold in its first week of operation–a notable achievement given that Maniema was excluded from the Cellule technique de coordination et de planification minière (CTCPM) annual gold production statistics for 2024. The province's governor, Moïse Mussa Kabuankubi, labeled the performance "a great feat."
According to recent estimates, the Kindu facility could partially offset production losses experienced in South Kivu. The facility only opened last March, the same month DRC Gold Trading SA stopped buying artisanal gold in South Kivu on March 11, 2025, following the advance of M23 rebels into the province.
Timothée Manoke (intern)
Rawbank, the leading bank in the Democratic Republic of the Congo (DRC), recorded a 42% growth in healthy loans, net of provisions, granted to small and medium-sized enterprises (SMEs) and households in 2024. The surge was reported in the bank’s regulatory financial communication.
Outstanding loans to the two segments rose from 1,094 billion Congolese francs (CF) in 2023 to CF1,550 billion in 2024—up by CF456 billion, or roughly $166 million at the year’s average exchange rate. The bank thus confirms its commitment to these two customer segments, often seen as more exposed to economic risks.
In detail, net performing loans granted to SMEs stood at CFA555.4 billion in 2024, up 67% year-on-year. The bank extended around CFA1,000 billion to households, up 30%. In its report, Rawbank did not explain these dynamics but underscored, more generally, the adoption of a strengthened risk management approach.
Provisions for risks associated with these two segments fell by 27% for SMEs and 40% for households. In addition, outstanding problem loans fell by 91%, suggesting improved collection performance. Although household overdue loans are up 40%, they only represent around 2% of healthy loans, limiting the overall impact.
Rawbank’s overall credit portfolio improved in 2024. Total healthy loans net of provisions—still largely dominated by loans to the extractive sector—reached CF5,606 billion, up 51%. At the same time, provisions for bad debts fell by 38%, and overdue loans by 35%.
Against this backdrop, interest income on loans continued to underpin net banking income, contributing CF554 billion, up 28%. To this must be added CF148 billion in credit commissions. Rawbank also derives significant revenues from its other banking services, which generated CF581 billion in 2024.
This performance underscores Rawbank’s dual strategy: expanding support for SMEs and households while maintaining rigorous risk controls and a diversified revenue base.
Georges Auréole Bamba
The Kakobola hydropower dam, a key project in the Democratic Republic of the Congo (DRC), has entered its final phase, during which transmission lines and supply networks are being set up. Teddy Lwamba, the Ministry of Electricity, presented this phase during the May 23 Council of Ministers. On the occasion, he also signaled the facility’s imminent commissioning.
According to official meeting minutes, "the Minister of Finance was instructed to take charge of the costs enabling the completion of the work," though specific financial details and completion deadlines remain undisclosed. The firm in charge of the works is also unknown at present. However, after a four-year hiatus, work resumed in August 2020, with reports indicating that the Indian firm WAPCOS Ltd was tasked with constructing the transmission lines.
According to Minister Lwamba, the first phase is already complete, with the construction of the 10.5-megawatt power plant. Situated in the Gungu territory of Kwilu province, the project commenced in 2010 under the stewardship of the Indian company Angelique International Ltd. The total project cost was estimated at US$55 million, jointly financed by India Exim Bank and the Congolese government.
The minutes from the Council of Ministers meeting held on June 10, 2022, state: "The Minister of Finance has been instructed to release the necessary funds corresponding to the Democratic Republic of Congo's counterpart to this project, and to examine with all of his departments the possibilities of granting all the facilities required to the Indian contractor, so that the supply of electricity to the towns of Kikwit, Gungu and Idiofa by the Kakobola power station will be effective before the end of April 2023."
Upon completion of the transmission and distribution lines, the power station is expected to supply electricity to the towns of Kikwit, Idiofa, and Gungu, as well as to the Catholic missions of Totshi and Aten, and the village of Butshamba, all located within Kwilu province.
Minister Lwamba also announced a forthcoming reform aimed at bolstering the commercial and technical operations of the Grande Centrale de Kakobola. An external entity will be engaged to assist in marketing the electricity produced. The minutes further reveal that an interministerial decree will be enacted to establish a provisional tariff to facilitate this commercialization.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
The Congolese Ministry of Tourism and EquityBCDC have signed a Memorandum of Understanding (MoU) to boost tourism in the Democratic Republic of Congo (DRC). The MoU should help structure operators, make them bankable, improve project financing, and digitize tourism services. It also includes training and financial education initiatives, with a particular focus on young people and women.
Commenting on the milestone, Tourism Minister Didier M'Pambia stated: “This collaboration will enable the private sector to boost a sector that has enormous potential, but suffers from underfunding. As public funding alone cannot contribute to the growth of this sector, we have called on a financial institution that already has expertise.”
The partnership comes at a time when the Congolese tourism sector exhibits both development potential and signs of fragility. The low level of financing and limited performance of credits granted to operators highlight structural challenges within the industry.
According to EquityBCDC’s 2023 annual report, the "tourism, hotels and restaurants" sector accounts for just 0.2% of the bank’s overall outstanding loans. This low share reflects limited bank investment in the tourism sector, which records a non-performing loan rate of 34.4%. This is one of the highest in EquityBCDC’s portfolio and up from 31.4% at the end of 2022. This indicates that more than a third of loans granted to tourism players are experiencing repayment difficulties.
Last January, under its financial inclusion strategy, EquityBCDC also launched the “Contribution to Economic Growth (CCE) – for them” project. This initiative provides technical and financial support to businesswomen in Bukavu and Kinshasa.
Boaz Kabeya (intern)
The Radisson Hotel Group will inaugurate two new hotels in the Democratic Republic of Congo (DRC) in 2026 and 2027. The news was disclosed in a press release dated May 15, 2025
The first hotel, a five-star-equivalent Radisson Blu, located in Kinshasa, will be inaugurated by late 2026. The second, a four-star Radisson Hotel, located in Lubumbashi, will be inaugurated by mid-2027.
The Kinshasa building will be located on Boulevard Colonel Tshatshi in the Gombe district—Kinshasa’s main residential and business hub. It will offer 110 rooms, including suites and a presidential suite. Amenities will include a lobby bar, an all-day restaurant, a pool bar, a wellness center with a gym and massage rooms, an outdoor pool with a terrace, and modern meeting and event spaces.
In Lubumbashi, the DRC’s second-largest city and mining industry center, Radisson plans to open a four-star hotel near Lake Kipopo. This hotel will feature 97 rooms, including junior suites and a presidential suite, along with a lobby bar, an all-day restaurant, a rooftop bar & grill, meeting rooms, a modern gym, and a swimming pool.
Radisson’s entry into the Congolese market is part of its broader expansion strategy in West and Central Africa, aiming to increase its hotel portfolio in these regions by 50% by 2030. Ramsay Rankoussi, Vice President of Development for Africa and Turkey, stated that this expansion is designed to consolidate the Group’s presence on the African continent. Besides the DRC, markets such as Tanzania and Guinea-Conakry are also targeted.
Owned since 2018 by the Chinese conglomerate Jin Jiang International Holdings, a state-owned company based in Shanghai, Radisson is capitalizing on local economic opportunities amid significant Chinese investment in the mining and infrastructure sectors.
Radisson operates as a hotel manager, responsible solely for managing properties once they open. Its deployment is conducted in partnership with project promoters, though the Group has not disclosed its partners in the DRC. According to Access HDC, a hotel investment consultancy, the Radisson Blu Hotel Kinshasa is being developed in collaboration with X-Ray Group, an Istanbul-based design firm specializing in architecture, interior design, and hotel project management, which is the main investor.
Ronsard Luabeya (intern)
Assets of FirstBank DRC, a subsidiary of First Bank of Nigeria (FBN Holdings), grew 71% in 2024, reaching 4,476 billion Congolese francs (approximately $1.57 billion). According to the lender’s Pillar III 2024 report, the surge was primarily driven by a major increase in customer deposits and an expanded loan portfolio.
Customer deposits rose sharply by 49.5% to CDF3,317 billion (around $1.16 billion) in 2024, up from CDF2,219 billion the previous year. This significantly boosted the bank’s lending capacity to the Congolese economy.
The loan portfolio stood at CDF1,298.5 billion (about $455.6 million) in 2024, up by 80% year-on-year. Mining captured almost half of the outstanding loans.
Compared to 2023, FirstBank DRC’s revenues jumped 43% in 2024, with net banking income rising to CDF331.3 billion. However, profit growth was modest, increasing only 3% from CDF73.4 billion in 2023 to CDF75.8 billion in 2024. This limited profit growth is mainly attributed to a 36.6% rise in operating expenses and a 46.6% increase in personnel expenses due to salary adjustments.
Looking ahead, the bank plans to strengthen its presence in the Greater Katanga mining region, increase the share of revenues generated from digital products by 30%, and aims to reach 100,000 banking agents by 2029.
Timothée Manoke (intern)
Ivanhoe Mines withdrew its copper production forecasts for the Kamoa-Kakula complex in the Democratic Republic of Congo (DRC). Previously, the firm expected the Congolese complex to deliver between 520,000 and 580,000 tonnes of copper this year, in 2025. Ivanhoe announced the withdrawal on May 26, attributing its decision “to persistent seismic activity in the Kakula mine.”
Initially, Ivanhoe Mines did not revise its production forecasts after the first reports of seismic activity. However, its partner, China's Zijin Mining, stated on May 23 that it expected a “negative impact” on the complex’s production targets for the year. In a corrective statement following Zijin’s announcement, Ivanhoe initially sought to downplay the incident. Now, the company has confirmed that a “revision” of the forecast will soon be made public.
“Seismic activity at the Kakula underground mine has continued intermittently over the past few days [...] Early indications are that seismic activity underground at Kakula could continue for weeks, impeding access to the mine and prolonging the temporary suspension of operations at Kakula,” Ivanhoe explained.
The market reacted sharply to this new information, with Ivanhoe’s share price dropping by 16%. The stock was trading at C$10.76 at 12:37 p.m. local time on the Toronto Stock Exchange.
Kamoa-Kakula is the largest copper mine in the DRC, with the Congolese government holding a 20% stake, and Zijin Mining and Ivanhoe Mines each owning 39.6%.
Emiliano Tossou (Ecofin Agency)
On May 23, 2025, the Democratic Republic of Congo (DRC) signed a memorandum of understanding with Huawei to pilot a smart village model. The project aims to provide high-speed Internet access, digital skills training for young people, and to connect local public services such as the civil registry, health, and education. This initiative is part of the national digital transformation strategy to modernize the State and reduce digital inequalities, particularly in rural areas where Internet access remains limited.
The project aligns with broader continental efforts, supported by the African Development Bank (AfDB) and the World Bank, to leverage digitization for sustainable development and inclusion. Mickael Lukoki Nsimba, the prime minister's chief of staff, highlighted the government’s commitment to ensuring “equaldigitalopportunitiesforruralpopulationsandbuilding a modern, transparent, and connected state.”
As of the end of 2024, only 34.6% of Congolese had access to mobile Internet, and fixed Internet access was extremely limited at 0.02%, underscoring the importance and urgency of such initiatives.
Samira Njoya, We Are Tech
The financial performance and activities of the Fonds pour l'Inclusion Financière (FPM SA) in the Democratic Republic of Congo (DRC) have grown significantly in 2024. FPM SA is majority-owned by the German cooperation fund (KfW) and Belgian BIO Invest.
According to FPM’s Pillar III report, covering the fiscal year 2024, the expansion was driven by initiatives implemented in partnership with the World Bank (WB) and German cooperation.
Established in 2014, FPM is a financial company specializing in refinancing financial institutions and providing portfolio guarantees to facilitate credit access for micro, small, and medium-sized enterprises (MSMEs), as well as low-income populations.
In 2024, FPM raised around $63 million for partial financing guarantees to partner financial institutions, capable of securing up to $200 million in credit for eligible individuals and entities. In detail, $36 million covers 50% of the risks associated with financing granted under the World Bank’s Transforme project, and $26.87 million covers up to 70% of financing extended to women and micro businesses under the Impact project, financed by KfW.
On the lending side, total outstanding loans to FPM customers rose by 53.4% to $50.4 million. Although this growth is substantial, it is more moderate than the 95% increase observed between 2022 and 2023. FPM has adopted a more cautious risk management approach and aims to reach outstanding loans of $81.7 million by 2028.
The institution’s current priority is to enhance services for development finance institutions, particularly those targeting the private sector within the framework of cooperation with the Congolese government. In December 2024, FPM secured a financing line from the Netherlands Development Finance Company (FMO) and is in advanced discussions with the U.S. International Development Finance Corporation (DFC).
FPM also plans to continue improving portfolio quality by collaborating with benchmark institutions. In April 2025, it signed a $3 million agreement with Rawbank to support SME financing.
After returning to profitability in 2024, with net income of $879,000 compared to a loss of $290,000 in 2023, FPM anticipates net income of $3.38 million by 2028. This projection represents an average annual growth rate of 46%, factoring in capitalization effects. The institution is counting on new opportunities in managing guarantee funds and the stability of its equity capital, supported by a $16.5 million credit facility granted by its main shareholder. This credit is convertible into shares at maturity or renewable, enabling FPM to avoid increasing its interest expenses.
Boaz Kabeya (intern)
Indonesia could snatch the Democratic Republic of Congo’s (DRC) spot as the world’s leading cobalt producer in the 2040s. The International Energy Agency (IEA) made the forecast in its Global Critical Minerals Outlook 2025 report published on May 21.
According to the Cobalt Institute, the DRC accounted for 76% of global primary cobalt supply in 2024, but the IEA forecasts a 45% decline in Congolese cobalt production during the 2030s “due to declining ore quality”.
In contrast, Indonesia—the world’s leading nickel producer, with cobalt as a by-product—is projected to increase its cobalt output by nearly 80% by 2040, surpassing the DRC. This outlook aligns with the Cobalt Institute’s Cobalt Market Report 2024, which predicts the DRC’s share of global cobalt supply will fall from 76% in 2024 to 65% by 2030, while Indonesia’s share rises from 12% to 22%.
While the projected plunge could reduce the DRC’s influence over the cobalt supply chain, its impact on mining revenues is uncertain. In 2022, cobalt accounted for about 21% of the DRC’s exports, according to the Central Bank of Congo. However, ongoing economic diversification and waning global demand for cobalt could lessen the metal’s importance to the Congolese economy even before it loses its production leadership.
The electric vehicle market—the primary driver of cobalt demand—is showing signs of slowdown. Additionally, energy storage projects increasingly favor lithium-iron-phosphate (LFP) batteries over traditional cobalt- or nickel-based batteries. Martin Jackson, a raw materials consultant at CRU, notes a “monumental drop in the intensity of nickel and cobalt use in battery demand.”
Kinshasa’s response to these shifts remains to be seen. The government is currently focusing on strengthening the country’s position in downstream segments of the value chain, such as refining and battery materials production, as potential buffers against the anticipated shocks.
This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
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Producers and intermediaries in North Kivu’s cocoa sector are increasingly turning to Uganda to sell their products through informal channels, seeking to optimize their marketing strategies.
On May 19, 2025, at least five tons of cocoa (118 bags) were intercepted by the sub-section of the Office national des produits agricoles du Congo (ONAPAC) in Beni, within the Ruwenzori sector (Beni territory). According to authorities, the cargo was being illegally exported to Uganda. This seizure forms part of ongoing efforts to combat fraud in the cocoa sector.
Commenting on the seizure, Kaswera Syvialeghana Alphonsine, Director of ONAPAC in Beni, said such operations aim to discourage illicit trafficking of cocoa, and coffee, in the region.
For several months, sector players have denounced numerous obstacles hindering official marketing channels and encouraging smuggling to neighboring countries. They highlight persistent insecurity in production zones, poor condition of farm roads, proliferation of roadblocks, high transportation costs, and the lack of product traceability in the DRC. These constraints, according to local exporters, hamper cocoa transport through formal channels and push many operators to turn to Uganda.
Congolese cocoa production is primarily concentrated in the eastern provinces, notably North Kivu, Ituri, and Tshopo. However, these regions are often attacked by armed groups–a situation that compromises producer security and severely disrupts the supply chain.
According to data from the Ministry of Foreign Trade, the DRC produced 100,000 tonnes of cocoa in 2024, far from the ambitious target of 3 million tonnes set for 2030.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
The Democratic Republic of Congo (DRC) plans to build a freeway linking Banana, which should have a deepwater port next year, to Kinshasa, the political capital. On May 20, the Minister of Infrastructure and Public Works, Alexis Gisaro, and the Chinese company Zhongshi Wosen Technology Co. Ltd. signed a memorandum of understanding (MoU) to advance the project.
According to the Ministry, the MoU entrusts the Chinese company, about which little information is available, with conducting feasibility studies. After this phase, the freeway will be finalized.
However, the Ministry has already confirmed that the infrastructure will span 450 kilometers and pass through Matadi. The port of Matadi, situated on the Congo River, currently serves as the main gateway for goods destined for Kinshasa. It also provides indirect access to the Atlantic Ocean via a river canal, although this limits the size of vessels able to dock there.
The road project is strategic for enhancing the competitiveness of both Matadi’s and Banana’s ports, with the latter scheduled for completion in 2026. The freeway will facilitate the transport of goods between the coast and the country’s interior. Ultimately, it could be integrated into regional networks linking the DRC with other countries in Central and Southern Africa.
The Banana-Matadi-Kinshasa axis is part of the Banana-Kolwezi corridor, which stretches approximately 2,670 kilometers. This corridor was showcased at the 9th edition of Expobéton—a trade show focused on the development of cities, corridors, and special economic zones—as a fully Congolese route that could serve as an alternative to the Lobito corridor, which leads to the Angolan coast.
No precise timetable or budget details have yet been disclosed for the freeway’s construction. Nonetheless, potential challenges are anticipated, including financing mobilization, execution conditions, and investment security, especially since the route crosses areas facing security constraints. These uncertainties previously stalled a railroad project planned to serve the port, which has yet to materialize.
Furthermore, the success of the freeway project may depend on its complementarity with other key investments, particularly in the port, customs, and energy sectors, to ensure a smooth and competitive logistics chain.
This article was initially published in French by Henoc Dossa and Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
Guilgal SA microfinance experienced a sharp increase in assets in 2024. According to its recently published Pillar III regulatory report, its assets reached 120.9 billion Congolese francs (approximately $48.36 million), compared with 71 billion CDF (around $28.4 million) in 2023, representing annual growth of 70%. This performance was mainly driven by the expansion of the loan portfolio, the institution's primary source of income.
Net loans outstanding rose from 56.3 billion CDF ($22.52 million) in 2023 to 103.6 billion CDF ($41.44 million) in 2024, an increase of 84%. Medium-term credit was the main driver of this growth, increasing by 132% over the period.
Customer deposits grew by 59%, reaching 46.5 billion CDF (approximately $18.6 million), reflecting a strengthened capacity to mobilize savings nationally. Shareholders' equity rose by 61% to 21.8 billion CDF (around $8.72 million), supported by fresh capital contributions and the incorporation of unappropriated earnings.
This dynamic growth was accompanied by significant pressure on asset quality. The report highlights a portfolio at risk of 20.5%, well above the industry standard of 5%, indicating a high proportion of loans not repaid on time and exposing the institution to increased credit loss risk.
Gross disputed receivables reached 21.5 billion CDF (approximately $8.6 million), with a provisioning rate of 24%. The report notes that this level of bad debts required a provision equivalent to 3% of assets.
Despite these challenges, performance indicators remained solid overall. Return on assets stood at 3.2%, in line with industry standards, while return on equity reached 17%, exceeding the internal target of 15%. In terms of liquidity, Guilgal SA achieved an immediate liquidity ratio of 24%, meeting regulatory requirements.
For 2025, Guilgal SA plans to continue digitizing its services, develop new financial products tailored to market needs, expand its network with new branch openings, and strengthen its commitment to social and environmental performance.
Founded on September 4, 2012, on the initiative of Professor Frédéric Kalala, COOPEC Guilgal initially operated as a savings and credit cooperative. Thanks to sustained performance, by 2019 it had become the largest cooperative in the western zone of the DRC and subsequently evolved into a microfinance company to overcome the limitations imposed by cooperative status.
Boaz Kabeya (intern)
China’s CMOC and Switzerland’s Glencore hold divergent views on the next steps following the suspension of cobalt exports from the Democratic Republic of Congo (DRC), which accounted for 76% of the world’s primary supply in 2024. According to Reuters, CMOC is pushing for a swift lifting of the embargo, while traders affiliated with Glencore argue that the market must regain stability before Congolese volumes return.
The matter was discussed last week during the Cobalt Congress in Singapore, in a meeting attended by the Congolese Minister of Mines, Kizito Pakabomba. At the meeting, Kenny Ives, vice-president of CMOC, advocated lifting the ban to replenish dwindling cobalt stocks for Chinese customers. He warned that prolonged shortages could prompt some carmakers to switch to cobalt-free lithium-ion batteries.
Conversely, Glencore traders contend that producers like the DRC must exercise better supply control, as oversupply was the primary reason behind Kinshasa’s decision to impose the embargo.
The contrasting positions underscore the strategic tensions between the world’s two largest cobalt producers, CMOC and Glencore. However, they both kept producing despite the DRC ban. Regarding the latter, it should expire on June 22, 2025, but Congolese authorities have not decided if it will be extended.
President Félix Tshisekedi has suggested this possibility, and his government is also considering introducing export quotas—an option Glencore traders say they are prepared to accept.
Meanwhile, the market has responded favorably to the embargo, with cobalt prices rising over 50% since February. On the London Metal Exchange (LME), cobalt currently trades above $33,000 per tonne, up from $21,000 at the end of February.
This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)
Edited in English by Ola Schad Akinocho