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The governments of the Democratic Republic of Congo (DRC) and Rwanda have initialed the draft Regional Economic Integration Framework (REIF) in Washington, D.C., on November 7, 2025, with U.S. facilitation.
The framework defines priority areas for economic cooperation and development between the two neighbors and is part of efforts to implement their June 27, 2025, peace agreement. The initialing took place during the fourth meeting of the joint monitoring committee overseeing the accord.
This step clears the way for the framework’s official signing, initially expected on September 27, 2025. However, Kinshasa reiterated that progress on the REIF depends on full implementation of the security commitments contained in the peace deal.
“The framework will take effect once the Concept of Operations (CONOPS) and the operational order agreed by both sides are properly implemented,” the DRC Ministry of Communication and Media said in a statement released a day after the signing. “For the DRC, lasting peace must come before economic cooperation.”
Adopted in Luanda in October 2024, the CONOPS outlines plans to neutralize the Democratic Forces for the Liberation of Rwanda (FDLR) and ensure the withdrawal of Rwandan forces from Congolese territory. The operational order, setting out implementation details, was due to take effect on October 1, 2025, but its enforcement remains uncertain.
The DRC’s communication ministry said the joint monitoring committee acknowledged delays in carrying out the peace accord and that both parties agreed on new measures to speed up implementation, though no specifics were disclosed.
The execution of the CONOPS also partly depends on stalled negotiations between the DRC and the AFC/M23 rebels. Talks meant to produce a final agreement by August 18, 2025, under the Doha declaration of principles signed on July 19, have yet to yield results. This indicates that the resumption of economic cooperation between Kinshasa and Kigali remains uncertain for now.
The REIF targets five areas of cooperation: agriculture, energy, mining, telecommunications, and infrastructure. As set out in the peace accord, both countries aim to use the framework to boost cross-border trade, attract investment in critical mineral supply chains, and enhance transparency in resource management. The goal is to curb illicit trade networks and promote shared prosperity, particularly for local communities.
U.S. officials said successful implementation of the framework could attract new international investors, including American firms. Several companies in the critical minerals and energy sectors are pushing for the swift conclusion of the deal, which underpins multiple regional development projects.
Pierre Mukoko
Rawbank, a leading financial institution in the Democratic Republic of Congo (DRC), has been named the country’s safest bank in Global Finance magazine’s World’s Safest Banks 2025 ranking.
The award, announced on November 6, 2025, is based on credit ratings from major rating agencies, including Moody’s, Standard & Poor’s, and Fitch Ratings, as well as each institution’s asset size and overall financial strength.
Rawbank succeeds Equity Banque Commerciale du Congo (Equity BCDC), the 2024 winner. According to Global Finance, the change follows the withdrawal of Equity BCDC’s Moody’s rating in December 2024, after its parent company, Kenya’s Equity Group Holdings, decided to consolidate ratings at the group level.
With a B3 rating and stable outlook from Moody’s since May 2024, Rawbank became the only Congolese bank holding an active international rating , a key requirement for inclusion in the 2025 ranking of the world’s safest banks.
The bank said its performance reflects ongoing investments in digitalization, through its IllicoCash and RawbankOnline platforms, and its reinforced compliance framework, including stronger anti-money-laundering controls. It also cited progress in corporate governance, such as the creation of a Corporate Social Responsibility and Sustainability Committee, as factors that favorably influenced Global Finance's assessment.
“This recognition reflects Rawbank’s discipline, professionalism, and commitment to maintaining the highest standards of reliability and service,” said Mustafa Rawji, Rawbank’s Chief Executive Officer. “It rewards the collective efforts of our teams and the continued trust of our clients. We will keep investing in stability, innovation, and compliance to make Rawbank a benchmark for banking in Africa, from the DRC.”
DR Congo’s banking leader
As the largest bank in the DRC, Rawbank controls about 30% of the market, serves more than two million clients, and reported nearly $5 billion in assets, according to its 2024 annual report.
The bank’s net income rose 11.4% to $212.7 million, while its solvency ratio exceeded 14%, comfortably above the Central Bank of Congo’s minimum regulatory threshold.
According to Moody’s, these indicators show a strong capacity to absorb macroeconomic shocks, despite an environment marked by exchange-rate volatility and dependence on the mining sector.
Series of international distinctions
The Global Finance award adds to several other international honors Rawbank has earned recently. The bank was named Best Bank in DRC 2024 by Euromoney, Best Digital Bank 2024 for the DRC by Global Finance, and was also recognized for compliance and governance excellence by The Banker and the Financial Afrik Awards 2024.
These awards are expected to strengthen confidence in deposit protection, improve access to international credit lines from institutions such as the IFC, African Development Bank (AfDB), and Proparco, and enhance Rawbank’s ability to finance businesses and households through its expanding deposit base.
Pierre Mukoko & Boaz Kabeya
The Democratic Republic of Congo's Industry Promotion Fund (FPI) and the International Finance Corporation (IFC) are exploring a collaboration to co-finance industrial projects in the country.
FPI Director General Hervé Claude Ntumba met with IFC Country Representative Malick Fall on Nov. 5, 2025, to discuss priority sectors for potential joint support.
According to a note from the FPI, the discussions focused on aligning the two institutions’ interventions in sectors deemed critical to developing the Congolese industrial base, including agriculture, energy, mining, telecommunications, and infrastructure.
Beyond co-financing projects, the two organizations are also considering establishing joint programs for training and capacity building to support local Congolese expertise.
Ntumba emphasized that the DRC’s economic recovery relies on close cooperation between local and international financial institutions. He stressed that the country's development requires sustainable partnerships built on a shared vision of progress.
The meeting comes as the IFC is already working with Congolese authorities on several initiatives, including establishing a capital market, developing an accessible and sustainable housing finance ecosystem, and implementing major projects in the power and agricultural sectors.
Since 2021, the IFC has invested over $550 million in the DRC, primarily in telecommunications, the financial sector, and energy.
Ronsard Luabeya
The Democratic Republic of Congo is nearing a $456 million disbursement from the International Monetary Fund (IMF) under its three-year economic and financial program.
The amount includes $268 million from the Extended Credit Facility (ECF) and $188 million from the Resilience and Sustainability Facility (RSF), according to a source familiar with the matter.
Following a mission from Oct. 22 to Nov. 5, 2025, IMF staff and Congolese authorities reached a staff-level agreement on the second review of the ECF and the first review of the RSF, the IMF said in a statement. The agreement marks a key step toward releasing the funds.
The next stages involve review by the IMF’s Management and approval by its Executive Board, scheduled to meet in December 2025. A favorable decision, which typically follows such agreements, would trigger the immediate disbursement.
Unlike previous tranches, most of the upcoming funds will be allocated as budget support, transferred directly to the Treasury to support the national budget. An IMF official said $188 million from the RSF and $189 million from the ECF will go toward budget support, totaling $377 million.
The remaining $79 million will be credited to the Central Bank of Congo’s account at the Bank for International Settlements to strengthen the country’s foreign reserves.
The IMF noted that the DRC’s external stability has improved, driven by growing reserves and a narrower current account deficit, though reserves remain below the recommended adequacy level. Persistent insecurity in the eastern provinces and recurring health crises, such as Ebola outbreaks, continue to strain public finances.
For 2026, the DRC projects a budget of 59.02 trillion Congolese francs ($20.3 billion) based on the average exchange rate used for fiscal assumptions. Defense spending will represent nearly 15% of the total, or 7.93 trillion francs ($2.7 billion). The overall budget is up 16.4% from the revised 2025 finance law. To help fund it, the government is relying on external budget support, projected to rise 28.1% to 3.80 trillion francs ($1.3 billion).
Pierre Mukoko
The Democratic Republic of Congo's Ministry of Mines revoked the mining rights of seven companies in late October 2025 as part of its policy to enforce stricter compliance in the sector. The revocations were issued for failure to pay annual surface rights fees.
According to a list published by the Mining Cadastre (CAMI) on Nov. 3, Geocore was the most affected entity, losing two separate mining titles. One of the titles, granted in 2021, covered five mining squares in the Nyunzu and Kongolo territories of Tanganyika province, authorizing the company to conduct exploration and prospecting for gold, cassiterite, coltan, and wolframite.
Another notable firm was Regal Maniema, which had its Research Permit No. 3279 revoked. The company had previously faced the threat of forfeiture for the same reason, following a similar procedure initiated in 2021 over unpaid fees for the 2019 financial year.
These forfeiture decisions are based on Article 289 of the DRC's 2018 Revised Mining Code. The code allows affected companies to appeal the decision before competent authorities within 30 days of notification and publication. If no appeal is filed, the forfeiture is formally registered with the Mining Cadastre and published in the official gazette.
Under the Mining Code, the payment of surface rights is the second main condition for maintaining the validity of a mining title, after providing proof of the effective start of exploration or exploitation work. These rights are due annually, calculated based on the perimeter area and the permit’s validity period. The fees range from $0.03 to $1.14 per hectare, payable in Congolese francs at the current exchange rate.
Timothée Manoke
The Congolese Agency for Major Works (ACGT) says it remains on track to complete the 3,300-kilometer Sakania-Banana road corridor by the end of 2027.
The project will fully pave National Road No. 1, linking the Democratic Republic of Congo’s eastern border to its Atlantic coast. According to ACGT Director General Nico Nzau Nzau, 850 kilometers still need to be paved.
Nzau Nzau told state-owned Radio Okapi on November 4 that the route is already laid out and passable, but the remaining 850-kilometer stretch between Mbuji-Mayi and Nguba requires final paving, which is now underway.
He said current works focus on clearing and opening the roadbed to allow traffic between Mbuji-Mayi and Nguba. Asphalt laying has begun on the Mbuji-Mayi-Mediito and Nguba-Lobudi segments. About 20% of the overall work was completed during the first year, a phase largely dedicated to site mobilization and setup.
The total cost of the project is estimated at $900 million to $1 billion, financed under the Sino-Congolese cooperation program. It is being carried out in partnership with Chinese contractors and supervised by several national and international inspection firms to ensure technical compliance and transparency.
Nzau Nzau cited logistical challenges as the main obstacle. The landlocked central region, particularly the Kasaï area, makes the delivery of heavy equipment difficult. Companies operating at the corridor’s ends benefit from easier access: through Matadi in the west and via Mombasa and Dar es Salaam in the east. This explains why central sections are progressing more slowly. He nonetheless affirmed that the entire corridor will be completed within the next two years.
Once fully paved, the Sakania-to-Banana journey, spanning the length of the DRC, will take roughly four days without crossing foreign territory. The corridor is expected to cut logistics costs, lower transport prices, and boost economic activity, contributing to long-term regional development. Maintenance of completed sections will be handled by the Road Office and the National Road Maintenance Fund.
Boaz Kabeya
Excerpts from a contract signed between the Congolese government—through the Ministries of Interior and Transport—and U.S. company Securiport for an integrated border and immigration security system have circulated on social media since November 3, 2025, sparking widespread controversy. At the center of the debate is Article 38, which concerns the partner’s remuneration.
The article stipulates a $30 security fee to be charged to every air passenger, both on arrival and departure, at all international airports in the Democratic Republic of Congo. Many online users interpreted this as the introduction of a new airport tax, in a context where the public has long demanded the removal of existing levies such as the GoPass, currently set at $50 for international flights and $15 for domestic ones.
However, according to a senior official at the Ministry of Interior quoted by several media outlets, the security fee already exists. It is included in airline ticket prices for international flights to and from the DRC and collected by IATA-affiliated airlines. These revenues, previously allocated to several public agencies including the Directorate General of Migration (DGM), have been partly redirected to finance the Securiport LLC contract, the source said.
This version was confirmed by multiple airlines, which stated they already pay a boarding and security fee to Congolese authorities. In their fare breakdowns, Qatar Airways, Uganda Airlines, and Kenya Airways list a $43.75 charge, while Ethiopian Airlines shows $58 and Air France up to $66.
Fund management mechanism
According to the contract, the $30 security fee will now be paid monthly into a joint account managed by the government and Securiport. The document specifies that an irrevocable monthly transfer order will allocate 85% of the collected funds to Securiport—to recover its investment—and 15% to the Congolese state.
The agreement is structured as a Build–Train–Maintain–Transfer (BTMT) public-private partnership. It involves the deployment of an integrated border and immigration management system, including the installation of technological equipment, centralization of migration data, and digital management of passenger flows at airports, land borders, and seaports.
Securiport is responsible for financing, designing, installing, and maintaining the system while training officials from the two ministries. At the end of the contract—whose duration is not specified in the available excerpts—ownership of all infrastructure, equipment, and software will transfer to the Congolese government.
According to authorities, the project aims to strengthen national security in response to rising transnational threats such as document forgery, identity fraud, infiltration by radicalized individuals, and other cross-border criminal activities. It is intended as part of broader efforts to enhance airport and border security across the country.
Based in Virginia, the United States, Securiport specializes in immigration control and civil aviation security and already operates in Côte d’Ivoire, Sierra Leone, Senegal, and The Gambia, where it provides similar services. In these countries, the security fee ranges between $20 and $25; in The Gambia, for example, 25% of the collected amounts go to the Gambia Civil Aviation Authority (GCAA).
No official statement has yet clarified how Securiport was selected. According to a source close to the executive, the process began about a decade ago, and the company was chosen following a competitive tender.
As of now, the government has issued no official communication on the matter, leaving questions unanswered and public concerns unresolved.
Telecom operators Africell and Vodacom, active in the Democratic Republic of Congo (DR Congo), are exploring potential partnerships with Starlink, the global satellite Internet provider, to expand their network coverage nationwide.
Africell DR Congo CEO Kory Webster confirmed to U.S. media outlet Semafor that the company is holding “active discussions” with Starlink on an operational partnership. A Vodacom executive, also quoted by the outlet, said the operator is considering a similar satellite collaboration to strengthen coverage in rural and hard-to-reach areas. No further details have been disclosed.
In May 2025, Airtel Africa signed a partnership with SpaceX, making it the first operator in DR Congo to collaborate with Starlink. Vodacom and Africell’s current moves appear to be a response to this competitive advantage.
Experts say Starlink’s network could be used to connect base transceiver stations (BTS) in remote areas to telecom operators’ core networks, where voice and data traffic are managed. The solution is seen as a lower-cost alternative to the VSAT technology currently in use and could help operators expand coverage while improving commercial and financial performance.
The Airtel–SpaceX partnership therefore gives Airtel Congo a strategic edge in the race for an estimated 15 million new mobile Internet subscribers expected in DR Congo between 2025 and 2030, according to GSMA projections.
Data from the Congolese postal and telecom regulator (ARPTC) show that by the end of 2024, the country had 32.94 million active mobile Internet subscriptions (90-day basis). Airtel had 9.66 million users, representing 29.33% of the market, behind Vodacom (37.78%) and Orange (29.97%), but ahead of Africell (2.92%). However, in terms of Internet revenue, Airtel led with $365.5 million (37.7% market share), followed by Orange (31.5%), Vodacom (27%), and Africell (3.8%).
The Democratic Republic of Congo (DR Congo) and U.S. developer Sun Africa signed in late October 2025 a memorandum of understanding to implement a program called “Energy for Prosperity,” according to Mike Luntadila Koketua, president of MFS Group, which serves as the developer’s local partner.
According to Luntadila, the program aims to install generation infrastructure with a total capacity of 4,000 MW by combining solar power, hydropower, and energy storage. It also includes plans to reinforce high- and medium-voltage transmission lines to modernize the national grid and support the country’s industrial transformation.
This is a large-scale initiative. For context, the Electricity Sector Regulatory Authority (ARE) estimated the country’s installed capacity at 3,646.5 MW in 2024, meaning the project’s planned capacity exceeds current levels. However, several details remain unclear, including the exact location of the plants, construction timeline, and financing structure.
Sun Africa describes itself as a developer of large-scale renewable energy and off-grid electrification solutions, including mini-grids and solar kits, across Africa. Its projects so far range from 25.4 to 370 MW, mainly in Angola, with rural electrification initiatives also planned in Nigeria and Namibia.
Based in Miami, the company announced in August 2024 that it had become the “new private partner” of the Power Africa initiative, under a plan to add up to 6,500 MW of new capacity and connect more than eight million households and businesses across the continent.
Frico Agri, a Congolese company that produces frozen fries from locally grown potatoes, has signed three memorandums of understanding (MoUs) with Dutch firms, Delphy B.V., Go&Grow Farm Solutions, and Agrico B.V., to support the growth of the potato industry in the Democratic Republic of Congo (DRC).
The partnerships were formalized during a business visit to the Netherlands from October 13 to 30, 2025, led by Frico Agri founder Jean Johnson Bapanga. The mission received technical support from the Netherlands Enterprise Agency (RVO), the Dutch Embassy in the DRC, the Orange Corners program, and Ingenious City.
The planned collaboration with Delphy B.V. will focus on adapting agricultural practices to local growing conditions. The firm will offer expertise in sustainable soil management, integrated pest control, climate-smart farming, and technical training for local producers.
Go&Grow Farm Solutions will help Frico Agri modernize its operations by strengthening mechanization, upgrading storage facilities, and training local staff.
The proposed agreement with Agrico B.V. covers a 10-hectare pilot project to grow the Markies potato variety in Kongo Central province. The project includes varietal trials, producer training, and agronomic monitoring to improve yields and quality. Frico Agri expects the pilot to produce around 450 tons of potatoes per year, enough to keep its processing plant supplied between harvests.
Founded in 2019, Frico Agri has a monthly capacity of 20.8 tons of frozen fries, processing about 41.6 tons of potatoes. Internal reports show that since 2024, the company has faced two major bottlenecks: a shortage of high-quality seed potatoes for industrial processing and inadequate storage facilities. These challenges are linked to limited specialized potato cultivation and a lack of local expertise in varietal selection and post-harvest handling.
Frico Agri hopes to overcome these obstacles through the planned partnerships, though the signing dates and implementation timeline have yet to be announced.
Ronsard Luabeya
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Mercuria Energy Trading has signed a three-year deal to source copper from Eurasian Resources Group (ERG) operations in the Democratic Republic of Congo (DRC). The agreement, announced in a statement issued on October 30, 2025, includes a pre-financing facility of up to $100 million from Mercuria to ERG.
Details such as the loan’s interest rate, copper volumes, and pricing terms have not been disclosed. Off-take agreements of this kind are often viewed with suspicion by the Congolese government and state mining company Gécamines, which argue their interests are not always protected. Both are recipients of mining tax revenues and minority shareholders in several joint ventures, and have repeatedly demanded the right to market their production share directly.
The deal enables Mercuria to strengthen its supply from the DRC, following agreements reached in late 2024 and March 2025 to secure half of Gécamines’ copper entitlement from the Tenke Fungurume mine. Gécamines holds a 20% stake in TFM, which has annual production exceeding 450,000 tons.
ERG, 40% owned by the Kazakh state, is one of the DRC’s major copper producers. Through its subsidiaries Frontier and Metalkol, it sold 120,176 tons of copper in 2024, according to official data. Production could rise in the coming years, as ERG controls several other projects previously stalled by disputes with the government or Gécamines, including the Swanmines project, now set to resume after a settlement reached in September.
Mercuria said the financing aims to support the development of ERG’s operations in the DRC while strengthening the group’s trading portfolio and financial flexibility.
Founded in Geneva in 2004, Mercuria is one of the world’s leading commodities and energy trading firms. The DRC is “a region of growing strategic relevance,” said Kostas Bintas, the company’s Global Head of Metals and Minerals.
The DRC was the world’s second-largest copper producer in 2024, behind Chile, with output of 3.1 million tons. Demand for the metal continues to surge, fueled by the energy transition and artificial intelligence.
The International Energy Agency (IEA) estimates that global copper supply could fall short by 40% by 2035, a looming deficit that has helped lift prices nearly 20% over the past year, with futures trading around $11,500 a tonne on the London Metal Exchange.
Pierre Mukoko & Ronsard Luabeya
Inongo, chief town of DR Congo’s Mai-Ndombe province, is grappling with a diesel shortage that has pushed fuel prices sharply higher. The price of a liter has risen from 5,000 to 7,000 Congolese francs, an increase of about 40%, as service stations and local distributors run out of supply.
According to state media Agence congolaise de presse (ACP), Joda Imana, head of the local fuel retailers’ association, confirmed the shortage saying that the crisis has hit both the Engen station and private fuel depots in the city. The situation has worsened in recent weeks as falling water levels on Lake Mai-Ndombe have hampered navigation and disrupted fuel deliveries.
The spike comes just weeks after Economy Minister Daniel Mukoko Samba announced a reduction in fuel prices across the country’s western zone, which includes Mai-Ndombe. Gasoline prices were lowered from 2,990 to 2,690 francs per liter and diesel from 2,980 to 2,680 francs, following an appreciation of the Congolese franc against the dollar.
Landlocked and heavily reliant on its river network, Mai-Ndombe depends on diesel to power boats, transport vehicles for agricultural and forestry goods, and generators in areas without electricity. The ongoing shortage threatens to paralyze local logistics and trade across the lake and surrounding rivers.
Ronsard Luabeya
Ivanhoe Mines said its Kamoa-Kakula copper complex in the Democratic Republic of Congo will start receiving 50 megawatts (MW) of power from the Inga II hydropower plant in November. The delivery marks a key step toward securing a stable energy supply for one of the world’s largest copper operations.
The energy will come from Turbine 5 at Inga II, which has a capacity of 178 MW and has been under rehabilitation since 2022 by Ivanhoe Mines Energy, a subsidiary of the company. Power deliveries will be phased: 50 MW in November 2025, 100 MW in the first quarter of 2026 and 150 MW in the first half of 2027, as grid upgrades are completed.
According to Ivanhoe’s third-quarter 2025 report, the mechanical and electrical refurbishment of Turbine 5 was completed during the quarter, marking a major milestone in the company’s energy investment program. The mine will receive increasing power volumes as ongoing grid reinforcement work progresses at the Inga (SCI) and Kolwezi (SCK) substations. These upgrades include installing resistors, harmonic filters and a static compensator to stabilize voltage and improve power quality to Kamoa-Kakula.
The modernization and grid stabilization program, launched in late 2024, is backed by $200 million in financing from Ivanhoe Mines and its joint-venture partner Zijin Mining.
By 2027, the Kamoa-Kakula complex could become self-sufficient in power, eliminating reliance on imported electricity from Zambia and Mozambique. This will be achieved through the combination of Inga II supply and two solar power plants under construction by CrossBoundary Energy DRC and Green World Energie SARL, each designed to deliver 30 MW.
The solar projects were 42 percent and 46 percent complete, respectively, as of the end of the third quarter, with commercial operations now expected in the second quarter of 2026, slightly ahead of schedule. Ivanhoe said long-lead equipment, including battery energy storage systems (BESS), inverters and mounting structures, has already been shipped and unloaded on site.
Timothée Manoke
Kamoa-Kakula, the Democratic Republic of Congo’s largest copper mine, generated $2.4 billion in revenue between January and September 2025, a 6.7 percent increase from the same period last year, according to the third-quarter report released on Oct. 29 by operator Ivanhoe Mines. The mine, one of the world’s biggest copper producers, recorded annual revenue of $3.1 billion in 2024.
The increase came despite a sharp third-quarter decline in sales. Revenue for July to September fell 31 percent year-on-year to $566.3 million from $827.8 million in 2024. Ivanhoe attributed the drop to a seismic event in May that disrupted part of the mine and led to a 38 percent fall in copper output to 71,226 tons from 116,313 tons.
Higher prices partially offset the production loss. The average realized copper price rose to $4.42 per pound, or about $9,700 per tonne, compared with $4.16 per pound a year earlier.
Despite the incident, Kamoa-Kakula expects to maintain full-year revenue of around $3 billion, similar to 2024. Copper output for the first nine months of 2025 totaled 316,393 tons, and Ivanhoe maintained its full-year production forecast of 370,000 to 420,000 tons. That implies output of 53,600 to 103,600 tons in the fourth quarter. Unsold copper inventories stood at roughly 59,000 tons at the end of September, which should help lift fourth-quarter sales.
Operating profitability, however, is set to decline. EBITDA represented 44.3 percent of revenue for the first nine months of 2025, down from 61 percent a year earlier.
Capital spending at Kamoa-Kakula reached $910 million through September, with full-year investment now projected between $1.3 billion and $1.5 billion,about $100 million lower than earlier estimates. Ivanhoe expects to invest between $410 million and $580 million in the final quarter.
Kamoa-Kakula is jointly owned by Canada’s Ivanhoe Mines and China’s Zijin Mining, which each hold 39.6 percent. The Congolese government owns 20 percent and Crystal River holds 0.8 percent.
Pierre Mukoko