Public Management

DRC Plans $1.5bn Investment in 2024 to Boost Self-Funding

DRC Plans $1.5bn Investment in 2024 to Boost Self-Funding
Thursday, 18 July 2024 16:38

The Democratic Republic of Congo (DRC) aims to invest 4202.4 billion Congolese francs ($1.5 billion) from its own funds in 2024. This move is part of a broader effort to reduce reliance on foreign investments, particularly in key sectors such as education and healthcare. The government plans to contribute more than 50% to its investment needs by 2030.

In 2022, the International Monetary Fund (IMF) reported that 90% of health investments, approximately 1273.4 billion Congolese francs, were funded by international donors. The education sector faced a similar situation. This heavy dependence on external funding is due to the DRC's low tax revenue, which was only 11.5% of the formal GDP in 2022, compared to an average of 23.4% in Sub-Saharan Africa.

To support its investment plans, the government anticipates raising 3703 billion Congolese francs in tax revenues in 2024 and an additional 499 billion francs from renegotiating a copper mining contract with Sicomines. Additionally, the government had earmarked a total of $714 million from resources allocated by the IMF in 2021, although it remains unclear how much of this will be utilized in the current year.

The primary focus of these investments will be on road infrastructure. As the second-largest country in Africa, the DRC is strategically positioned within key corridors connecting seven countries, necessitating improved connectivity to diversify beyond its mining sector. Another significant initiative is the “Local Development Plan for 145 Territories,” which aims to enhance social infrastructure across various localities, thereby generating economic benefits and job opportunities.

The government expects to generate up to $5.5 billion from Sicomines by 2040 if copper prices remain high. However, these funds alone will not suffice. Between 2022 and 2029, the DRC has projected investment expenditures of $46.5 billion. While foreign funding remains crucial, the government plans to significantly increase its contribution, aiming to surpass external funding by 2025 and nearly double it by 2030.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
WAEMU member states plan to raise CFA3,075.5 billion ($5.53 billion) in Q2 2026, up 18.3% year-on-year. Côte d’Ivoire will lead issuance with...
Renaprov raises 1.1 billion CFA francs, below 8.4 billion target Second subscription window extended to May 15 after weak demand IPO seen as...
Central purchasing body aims to curb high living costs System introduces price controls and consumer reporting tools Launch follows a...
Pilot shows mixed feedback, with 40% of users dissatisfied Tool aims to boost transparency and consumer role in regulation Côte d'Ivoire...
Most Read
01

Driven by above-average growth and rapidly expanding demographics, Francophone Africa is emerging as...

Francophone Africa: A Rising Economic Giant With Weak Internal Trade
02

Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...

Algeria Opens Satellite Market to Competition, Inviting Global Operators
03

EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...

EBID Charts Green Shift to Finance West Africa’s Growth
04

Coca-Cola unit trains 260+ SMEs in Namibia business skills Program targets women, youth, disabled...

Over 260 Namibian SME Owners Trained as Sector Faces Mounting Losses
05

Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...

Mauritanian Telecom Operators Submit $27 Million Combined Bid for 5G Licenses
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.