• DRC plans first international bond, raising $750 million in April

• Issuance part of $1.5 billion foreign-currency program through 2026

• Government cites low debt, strong growth to attract investors

The Democratic Republic of Congo plans to raise $750 million in April through its first international bond issue to fund infrastructure projects, Finance Minister Doudou Fwamba Likunde said in an interview in Kinshasa.

The deal will serve as the first tranche of a broader program approved by the Council of Ministers. The program envisages up to $1.5 billion in foreign-currency issuances throughout 2026, according to official sources. The government intends to stagger market access to limit financial risks.

With metal prices rising — particularly copper and gold — and growth accelerating, the government hopes to attract investors on competitive terms. It is also seeking to reassure markets with signs of macroeconomic stability. Inflation is running at around 2%, while the debt-to-GDP ratio remains among the lowest on the continent.

Public debt was estimated at about $13.17 billion at the end of 2024, or nearly 18.5% of gross domestic product. That is well below the sub-Saharan Africa average, estimated at nearly 59%.

As Africa’s second-largest country by land area and one of the world’s most resource-rich, the DRC wants to improve its standing among investors after years of instability.

“We want a structured offer that guarantees fiscal sustainability without exposing us to excessive risks,” the minister said.

The initial $750 million issuance will be led by Citigroup, with support from Rawbank, as well as the firms Rothschild & Co and White & Case LLP.

An emerging markets analyst said investor appetite should be strong, but yields could be high given political and security risks. By comparison, neighboring Republic of Congo had to offer a yield of 13.7% during an issuance last year, according to Bloomberg data.

The DRC is rated B3 by Moody’s, the same level as Nigeria or Angola. According to the International Monetary Fund,  it will average 5.4% of growth per year until 2030, with inflation close to the central bank’s target. Foreign exchange reserves, estimated at more than $7.4 billion, cover approximately three months of imports, a record level for the country.

The funds raised are expected to finance projects from a $3 billion portfolio, primarily in energy and infrastructure. Congolese authorities also said they want to build a lasting relationship with investors by increasing future issuances to support the country’s economic development.

Fiacre E. Kakpo