News (733)
Construction work on the Banana deepwater port has resumed. Nico Nzau Nzau, General Manager of the Congolese Agency for Major Works (ACGT), broke the news. On May 16, he visited the site while on a working mission in Kongo-Central.
Nzau Nzau revealed that seabed dredging operations have been launched around the site that will house the future port. The first dredging vessel, from France, is already at work. It will enable a depth of 12 meters to be reached. A second vessel should come in a few days, expanding this depth to 18 meters, the level required to accommodate large tonnage vessels.
Launched in 2022, the Banana deepwater port project was paused repeatedly, notably in 2024, due to technical and financial disputes. Last April, executives from DP World, the port operator, assured Prime Minister Judith Suminwa Tuluka that the first phase of work could be completed by 2026.
In March, DP World awarded this first phase to the Portuguese company Mota-Engil, under a contract valued at $250 million. The contract includes building a 600-meter quay, developing a 30-hectare storage area, and installing state-of-the-art equipment capable of handling up to 450,000 containers per year.
Located in the province of Kongo-Central, Banana deewater port is of strategic importance to the Democratic Republic of Congo. It will provide the country with direct access to the Atlantic Ocean and a modern marine terminal capable of handling large vessels without relying on the port infrastructures of neighboring countries.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
Ivanhoe Mines has stopped activities at the Kakula underground mine, located at its Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC). The firm decided the halt on May 18 but officially announced it on May 20.
Operations were halted after seismic activity was recorded in the eastern section of the mine. There were no casualties, and all personnel were evacuated. The Phase 1 and 2 concentrators still run, at reduced capacity, processing ore from surface stockpiles. As of April 30, these stocks stood at 3.8 million tonnes, at an average grade of 3.2% copper. The Phase 3 concentrator and Kamoa underground mine continue to operate normally.
Geotechnical experts are inspecting the underground infrastructure. The western zone of Kakula has already been declared safe, while the eastern zone remains under evaluation.
Despite the disruption, Ivanhoe has not revised its production targets for the year; it still eyes an output of 520,000–580,000 tons of copper in 2025, for the whole complex. However, the impact of this suspension will depend on its duration. For now, it is unknown when operations will resume.
This article was initially published in French by Emiliano Tossou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
On May 20, 2025, Moyi Power announced the official launch of its fundraising campaign to finance the construction of its hybrid infrastructure in the north of the Democratic Republic of Congo (DRC). The project aims to provide clean, reliable electricity to over a million people in the towns of Bumba, Gemena, and Isiro.
The $340 million project involves building hybrid power plants combining solar energy and battery storage systems (BESS), which use diesel as a backup solution, and deploying urban distribution networks. According to the project promoters, around 80% of the funds required for the first phase, about $160 million, have already been identified. The current fundraising round aims to secure the remaining $180 million, as debt and Viability Gap Funding (VGF), a back-up financing mechanism designed to ensure the project's economic viability and commercial attractiveness.
"Much has been done to bring Moyi Power to this stage, and we are now ready to launch the next phase to raise the funds needed to build the project. With the right mix of funding, Moyi will be able to build an infrastructure that will provide affordable and reliable electricity to customers in the northern DRC and demonstrate a replicable model for distributed energy across Africa," said Chris Flavin, interim managing director of Gridworks.
The Moyi Power project is developed by a consortium comprising Gridworks, AEE Power, and Eranove, with the support of the African Development Bank (AfDB) and the Private Infrastructure Development Group (PIDG).
This project is part of the National Energy Compact, presented in November 2024 by the Congolese government. The Compact requires over $36 billion in investments, including nearly $20 billion from the private sector. It should help boost the DRC’s electrification rate from 21% to 62.5% by 2030. The project could serve as a model for the electrification of other off-grid towns in the DRC, as part of the Mission 300 initiative.
This article was initially published in French by Abdoullahi Diop
Edited in English by Ola Schad Akinocho
Global demand for cobalt should grow faster than supply in the coming years, shifting the market from a surplus in 2024 to a deficit by the early 2030s. The Cobalt Institute disclosed the forecast in its annual report published on May 14, 2025.
The source, Cobalt Market Report 2024, forecasts an average annual growth in global demand of 7% by the decade’s end, reaching 400,000 tonnes by the early 2030s. This growth will be driven primarily by the rapid expansion of the electric battery sector.
Meanwhile, global supply is expected to grow at an average annual rate of only 5% between now and 2030. The Democratic Republic of Congo (DRC), which accounted for 76% of primary supply in 2024, will see its share fall to 65%, while Indonesia’s share is expected to rise from 12% to 22% due to a rapid increase in production.
In the short term, market trends will largely depend on the strategy adopted by the DRC, particularly following the four-month ban on cobalt exports imposed in February 2025 to boost prices. This measure could be extended, but Kinshasa has not clarified its intentions. On March 14, the government announced plans to set export quotas and to cooperate with Indonesia to manage oversupply and better control prices. However, there is currently no information on how these decisions will be implemented.
Early this year, cobalt prices rebounded, spurred by the DRC’s export ban and an anticipated smaller surplus in the coming years. These conditions create a favorable backdrop for price recovery.
In 2024, global demand for cobalt rose by 14% to 222,000 tonnes. The electric battery segment was the main driver, accounting for 76% of total consumption and 94% of annual growth. Electric vehicles alone accounted for 43% of demand, with sales up 26%.
Demand for computers and mobile devices (phones, tablets, computers) also rose 12%. The rise of artificial intelligence, with its need for intensive computing, fueled an increase in battery capacity.
A surplus of 32,000 tonnes in 2024
Demand in the superalloys and military applications segments also grew, supported by rising defense spending.
But for the third consecutive year, supply growth outpaced demand. In 2024, global primary production reached 254,000 tonnes (+22% compared to 2023), driven by the ramp-up of Congolese mines operated by the Chinese group CMOC.
With 30,000 tonnes mined (+82% in one year), Indonesia established itself as the world’s second-largest producer. The market thus recorded a surplus of 32,000 tonnes in 2024—almost 15% of total demand—compared with 25,000 tonnes in 2023.
Founded in 1982, the Cobalt Institute brings together the main players in the cobalt value chain—including producers, users, recyclers, and traders—who represent around 80% of the global market.
This article was initially published in French by Walid Kéfi (Ecofin Agency)
Edited in English by Ola Schad Akinocho
Airtel remained DR Congo’s top mobile service provider, by sales, last year. It was ahead of Vodacom, Orange, and Africell. According to the country’s telecom regulator, the ARPTC, the subsidiary of the Indian group Bharti Airtel generated $741 million, or 35.5% of the sector's total revenues of $2.09 billion.
Compared to 2023, Airtel’s revenues grew by 7.5%. The Congolese watchdog is attributed to an aggressive sales strategy and ongoing investment in extending its network coverage. As in 2023, Airtel outperformed its rivals: Vodacom captured 32.6% of market revenues, Orange 28.1%, and Africell 3.8%.
Total sales (incl. VAT) (voice+SMS+data+mobile money+other VAS) in dollars
Airtel's momentum is largely based on growth in data and SMS consumption, despite stable revenues from voice, a segment in which Vodacom remains dominant. Airtel remains the leader in data revenues, with $365.5 million (37.7% market share), ahead of Orange (31.5%), Vodacom (27%), and Africell (3.8%). This performance is due to the competitiveness of its packages and the extent of its 4G network.
In the mobile money segment, Vodacom remains in the lead with revenues of $168.5 million (46% market share). Airtel comes second with $137.2 million (37.5%), followed by Orange ($58.5 million, 16%). Africell, despite a 168.3% increase in revenues to $1.7 million, represents just 0.5% of the market.
Number of active cell phone subscriptions
The DRC ended 2024 with 63.96 million active subscriptions (used at least once over 90 days), up 13.7% on 2023, corresponding to almost 7.7 million new subscribers. Vodacom dominates in terms of subscriber numbers, with a 36% market share. Orange and Airtel are neck-and-neck, with 29% each. Africell closes the ranking with 6%.
This article was initially published in French by Muriel Edjo
Edited in English by Ola Schad Akinocho
CRDB, a Tanzanian bank, closed its second year of activity in the Democratic Republic of Congo (DRC) on a negative note. According to the lender’s annual report, its Congolese subsidiary recorded a loss of 6.6 billion Tanzanian shillings or $2.5 million at the average yearly rate. Compared to 2023, the figure is 57% higher. Despite this, CRDB’s management is confident about the future.
According to the report, a sharp rise in operating expenses drove the losses. The expenses could not be offset by operating revenues, which jumped from $0.5 million to $5 million between 2023 and 2024.
The Congolese subsidiary's expansion strategy can explain this situation, as it seeks to gain a solid foothold in the local market. In Lubumbashi, the bank’s head office, a new branch was opened, and the workforce across the country doubled from 26 to 59 employees in one year.
Despite the losses, the bank's financial indicators are promising. The intermediation margin jumped from $643,000 to $2.9 million, mainly thanks to Congolese government bonds. Customer deposits rose to $8.4 million from $875,000 a year earlier, while total assets now stand at $70.2 million compared with $46 million in 2023.
"Although challenges remain, our long-term outlook for the Congolese market remains positive, underpinned by the country's economic potential and CRDB's commitment to strengthening its operational base," says group CEO Abdulmajid M. Nsekela.
CRDB Bank, one of Tanzania's leading banks, obtained authorization to operate in the DRC in May 2023. The bank made the strategic choice of Lubumbashi, in the Haut-Katanga region, as its headquarters, due to its geographical proximity and cross-border trade with Tanzania.
The bank is 55% owned by its parent company in Tanzania, while the Norwegian investment fund Norfund and the Danish IFU each hold a 22.5% stake.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
The African Development Bank (AfDB) will fund works to modernize the Mbujimayi-Ngandajika road in the Democratic Republic of Congo (DRC). A delegation from the pan-African bank has been in Mbujimayi since May 12, 2025, to carry out preliminary studies.
The project, according to Bruno Zalizali, water and sanitation expert at the AfDB, could be submitted to the Bank’s Board of Directors for approval by November, with start-up scheduled for 2026.
The 89-kilometer Mbujimayi-Ngandajika road is a strategic axis for farmers. They use it to transport their produce to the Mbujimayi market. It leads directly to Ngandajika, where an agro-industrial park is being built. This park is also financed by the AfDB under the Programme d'appui au développement agro-industriel de Ngandajika (PRODAN). The road’s modernization should boost agricultural activities and strengthen connectivity between the towns and their respective provinces.
The AfDB delegation's visit is part of a wider mission to supervise AfDB-financed projects in the region. These include the second phase of the Socio-Economic Infrastructure Strengthening Project (PRISE) and phase II of the Priority Air Safety Project (PPSA II), which involves the construction of Bipemba International Airport.
Ivanhoe Mines has announced updated resource estimates for its Western Forelands exploration project in the Democratic Republic of Congo (DRC). The company, which holds between 45% and 100% of the permits covering this area, reports that the Makoko, Makoko West, and Kitoko deposits now total 8.38 million tonnes of copper in so-called "inferred" resources, almost double the volumes estimated in 2023.
These new estimates are based on 86,000 meters of drilling conducted between November 2023 and February 2025. Ivanhoe groups these three deposits under the name "district of Makoko," a 13 km-long area where copper occurs at depth, in geological formations similar to those mined at the nearby Kamoa-Kakula mine.
Overall, 494 million tonnes of ore at an average grade of 1.70% copper have been classified as inferred resources. This classification designates volumes whose presence is deemed probable, but not yet certified due to insufficient data. These resources offer strong potential but require additional drilling campaigns to be confirmed.
The district also includes 27.7 million tonnes of "indicated resources" at 2.79% copper, or 773,000 tonnes of metal. This category offers a more reliable estimate than inferred resources.
This exploration work is part of Ivanhoe's strategy to develop a second copper production center in the DRC. Faced with growing global demand driven by the energy transition, the company has been conducting an extensive prospecting campaign for several years in the Western Forelands region, adjacent to the Kamoa-Kakula mining complex.
The 2025 drilling program, with a budget of $50 million, includes over 100,000 meters of additional drilling. The results will enable a new resource update expected in 2026.
However, the publication of these figures does not mean that Ivanhoe will be opening a new mine in the short term. At this stage, the Makoko district remains an exploration project, still far from the feasibility, environmental study, and financing phases. However, its proximity to the existing Kamoa-Kakula infrastructure could facilitate future production. The company also points out that the area remains open to exploration, meaning that the potential identified could be further expanded in future campaigns.
This article was initially published in French by Louis-Nino Kansoun
Edited in English by Ola Schad Akinocho
Last year, 2% of the cobalt produced in the Democratic Republic of Congo (DRC) came from artisanal mines. The figure, disclosed in the Cobalt Institute’s annual report published on May 14, 2025, is significantly lower than the years before. According to various organizations, in recent years, artisanal mining contributed between 10% and 30% to the country’s overall output.
"In 2018, when cobalt metal prices had reached over $40 per pound, smallholders' share represented around 10% of DRC production. By 2024, with the significant increase in supply in the DRC [and globally], Benchmark estimates that this share has fallen to less than 2% of national production, or around 1% of global production," says the Cobalt Institute.
The report does not provide detailed volumes for artisanal production in recent years, making precise verification difficult. The Congolese Ministry of Mines does not differentiate cobalt production or exports by mining type, unlike other minerals like diamonds, gold, or tin.
The Cobalt Institute report attributes the drop mainly to: the boom in industrial cobalt production and the decline in cobalt prices. However, the Cobalt Institute suggests artisanal mining volumes may rise again in early 2025 following Kinshasa’s February export suspension, which caused cobalt prices to increase by over 50%.
Artisanal and small-scale mining (ASM) faces criticism for poor traceability, child labor, and human rights violations. Dinah McLeod, Executive Director of the Cobalt Institute, emphasizes that the challenge is not to eliminate artisanal mining but to make it fair, safe, and free from abuses, as it remains a vital source of employment for many in the region.
The current decline in artisanal activity, often illegal, underscores the need for rapid formalization. Formalizing the sector would enable stakeholders to better benefit from favorable market conditions expected in the early 2030s, when supply deficits may emerge.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho
The Japan International Cooperation Agency (JICA) has granted $27 million in non-repayable financing to the SNEL, the power utility of the Democratic Republic of Congo (DRC). The related deal was sealed on May 9, 2025, by the Congolese Minister of Foreign Affairs, Thérèse Kayikwamba Wagner, and the Japanese Ambassador to the DRC, Ogawa Hidetoshi.
This funding is meant to help boost access to electricity in the Mont-Amba district of Kinshasa. This district regroups the following municipalities: Limete, Lemba, Matete, Ngaba, and Kisenso.
The project involves rehabilitating the 220-kV Liminga and Funa substations, modernizing the power transmission system, installing new high-voltage transformers, and building modern control rooms. These upgrades should help stabilize the power supply in this part of Kinshasa.
This initiative is part of ongoing bilateral cooperation between the DRC and Japan. JICA had initially allocated $18 million to the project in November 2023, but after feasibility studies, the amount was increased to $27 million to meet project requirements
BK (intern)
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The DR Congo government should soon secure $1.49 billion from the World Bank for four projects. Several preliminary agreements related to the financing were recently sealed in this framework by administrations, including the Ministry of Finance, the Ministry of Infrastructure, and the Grand Inga Project Development Agency. According to documents reviewed by Bankable, the World Bank’s Board of Directors could approve the agreements between May 21 and June 3, 2025.
Given that the Central African country just completed the first review of its program with the International Monetary Fund (IMF), it is well-positioned to finalize this financing. The draft rectifying budget currently in preparation already incorporates these concessional World Bank loans, as confirmed by the IMF.
$600 Million to Improve Governance
The largest allocation, $600 million, is earmarked for budgetary support to the government’s reform program focused on economic governance, transparency, and resilience. This support is structured around three pillars:
The first pillar aims to enhance the efficiency and transparency of public administration, including modernizing the Treasury, improving public accounting, and reforming procurement processes.
The second pillar seeks to boost the business climate and private investment. Under this pillar, the Telecommunications Act 2020 will be implemented, competitive managers for strategic public companies will be appointed, and initiatives to achieve greater transparency in these firms’ management will be launched.
The third pillar aims to boost the quality of renewable energy services and help protect forests better. Under this pillar, authorities will introduce climate governance mechanisms and reforms to foster sustainable management of forest resources.
$440 Million to Build 200 km of Roads
The second project under the preliminary World Bank financing agreements is the second phase of the Connectivity and Transport Support Program (PACT 2), valued at $440 million. This project involves the construction of 200 km of Route Nationale 2 (RN2) between Mbanga and the Lualaba River, including a planned 700-metre bridge over the river.
The Lualaba River–Penemwanga section, initially part of PACT 2, has been moved to PACT 3, which will extend 544 km to Bukavu. The three phases of PACT are estimated at $1.5 billion: $500 million for PACT 1, $440 million for PACT 2, and approximately $560 million for PACT 3.
PACT 1 covers the asphalting of two other RN2 sections: Mbuji-Mayi–Mbanga (280 km) and Kanyabayonga–Butembo (160 km), for 440 km. According to the World Bank, “work on these sections began in November 2024 and is progressing as planned”.
$250 Million for Inga 3
The third project is the first phase of the Inga 3 Development Program (PDI3), with an overall estimate of $1 billion. The initial phase, costing $250 million, will lay the groundwork for the hydroelectric power station, support local communities, develop urban and transport infrastructure, and foster private sector growth around the Inga corridor.
It will also strengthen governance in the energy and mining sectors and at the provincial level. Later phases will focus on larger, multi-sector investments, including technical, social, and environmental studies.
$200 Million to Fight Floods
The fourth project is the $200 million Urban Flood Resilience Project (PRIUR). This project focuses on curbing flood risks in Kinshasa and Kalemie and enhancing the country’s capacity to manage climate-related disasters.
While structural reforms remain a priority under the new IMF program, the construction of RN2 is considered crucial. A World Bank analysis highlights that poor road conditions lead to 15,200 deaths annually in the DRC, with an estimated economic cost of $2.8 billion, or 4% of GDP.
This article was initially published in French by Georges Auréole Bamba and Pierre Mukoko
Edited in English by Ola Schad Akinocho
The Democratic Republic of Congo (DRC) is approaching a disbursement of nearly $260 million under its new three-year economic program supported by the International Monetary Fund’s (IMF) Extended Credit Facility (ECF). The exact amount will depend on the exchange rate between the US dollar and the IMF's Special Drawing Rights (SDRs).
IMF mission chief for the DRC, Calixte Ahokpossi, who was in Kinshasa from April 30 to May 13, 2025, announced that the IMF mission and DRC authorities have reached a preliminary staff-level agreement on the first review of the program, marking a key step toward the disbursement.
The next step is a review by the IMF Executive Board, scheduled for the end of June 2025. If approved, this will be the second disbursement under the program, following the first installment of $266.14 million granted in January 2025 when the program was approved.
Despite intensified armed conflict in North and South Kivu provinces, which has caused severe humanitarian and budgetary challenges, the DRC has shown economic resilience. GDP growth, estimated at 6.5% in 2024 and driven by a dynamic extractive sector, is expected to remain above 5% in 2025. By April 2025, inflation had stabilized to levels similar to July 2022, supported by a stable exchange rate and appropriate monetary tightening, reinforcing the IMF’s confidence in government efforts.
The recent deal reflects the Congolese authorities’ commitment to ambitious structural reforms despite the deteriorating security situation. Progress has been made in modernizing public finance management, including strengthening the legal framework to enforce expenditure discipline. The government has advanced operationalizing the General Directorate of the Treasury (DGTCP), devolving expenditure authorization to sector ministries, establishing the Single Treasury Account (CUT), and moving toward a budget framework excluding extractive sector revenues to shield public spending from their volatility.
However, the IMF calls for intensified efforts to mobilize domestic revenues, particularly through accelerating standardized VAT invoicing, rationalizing tax exemptions, and strengthening the fight against tax evasion by enhancing mineral export controls and combating customs fraud.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
Cité de Chine, a Chinatown-like project in Kinshasa, was kicked off last Saturday, May 10. The Congolese Minister of Industry, Louis Watum Kabamba, laid the foundation stone for the project.
Carried by African Sunrise, a Chinese group, Cité de Chine is a large-scale project that spans 150,000 m². It will include shopping centers, logistics infrastructure, financial services, residential areas, and hotel facilities.
According to the Ministry of Industry, the project should require an initial investment of $200 million, but could later attract up to $300 million in additional capital. The project is expected to create around 30,000 jobs during construction and operation. Work is planned in two phases, with partial commissioning scheduled for December 2025 and full completion in May 2027.
Minister Kabamba, who laid the foundation stone for the project, stressed that it falls under efforts to boost the cooperation between China and the DRC, especially in regards to commercial and industrial infrastructure. “Cité de Chine reflects the industrial future of the DRC, taking shape in the heart of Kinshasa,” the Congolese official said.
The collaboration between the Congolese government and African Sunrise originated at the Forum on China-Africa Cooperation (FOCAC) in Beijing and continued with a meeting in Kinshasa on November 13, 2024, where the company presented its projects, including a shopping mall and industrial park in the capital.
African Sunrise Investment Group has executed similar projects in Angola, such as the $200 million Nova Era shopping center in Cacuaco and the $600 million Funda Industrial Park, which aims to host 160 factories and create over 30,000 jobs. These projects reflect the group’s strategy to grow its footprint in Africa, providing outlets for Chinese-manufactured products. This approach contrasts with the Congolese Ministry of Foreign Trade’s policy focused on reducing imports and promoting local industry.
This article was initially published in French by Boaz Kabeya and Timothée Manoke (interns)
Edited in English by Ola Schad Akinocho
The government of the Democratic Republic of Congo (DRC) is looking for a service provider to deploy digital terrestrial television (DTT) in 54 towns across the country. The provider will be selected through a bidding process. This decision was ratified on May 12, 2025, during a meeting of the National Committee for Migration to DTT (CNM-TNT).
The meeting was chaired by the Minister of Communication and Media, Patrick Muyaya. It was attended by the ministers of National Defense, Justice, Planning, Budget, Industry, Telecoms, Finance, and Culture.
According to the Minister, progress has been made in the selection process for the service provider, whose identity will be revealed in the coming days. He stated that all procedures have been finalized in collaboration with the Ministry of the Budget, leading to this outcome.
"We have been able to make progress, and that in the next few days, we will have more precise elements that will enable the Congolese and all service providers in the sector to know which partner we will be working with in the rollout of digital television," said the Minister of Communication and Media.
In December 2024, the interministerial commission had opted for a restricted call for tenders to select a technical partner for the next phase of the project, which would extend DTT to an additional 46 towns. The estimated cost of that operation was around $60 million, but with the extension to 54 cities, the cost has not been disclosed.
The first phase of DTT deployment in the DRC has already been completed, with nine cities currently benefiting from the service. Launched in 2018, DTT has generated nearly $82 million in revenue for the public treasury, which the government aims to increase through the subsequent phases of the project.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho