Public Management

DR Congo gets 5-year $1.6bln US support for development projects

Friday, 23 July 2021 13:26
DR Congo gets 5-year $1.6bln US support for development projects

(Ecofin Agency) - The Democratic Republic of Congo received last July 15, $1.5 billion from the IMF to support economic reforms over three years. This financing has paved the way for further support from other partners, including the US.

The US government approved on July 20 a $1.6 billion financing to the Democratic Republic of Congo. Signed by Paul Sabatine, Representative of the US Agency for International Development, and Samy Adubango Awotho, the Congolese Vice-Minister of Foreign Affairs, the new deal is part of the US-DRC partnership strategy.

The resources will finance social, economic, and environmental projects over 5 years. They will focus on promoting free and inclusive basic education, increasing access to quality health care, accelerating efforts to end the conflict in eastern DRC, and protecting the country’s biodiversity. New opportunities for economic growth are also targeted.

As a reminder, this agreement comes just after the IMF approved a 3-year reform program for the country. According to the institution, the program should catalyze financial support from other development partners and help stimulate private sector investment in the DRC.

"This is an investment in DRC to advance reforms and achieve common goals," said Paul Sabatine. "Achieving real and sustainable progress is possible through our government-to-government partnership and alliances with various groups of partners, including other donors, NGOs, civil society and private sector actors, as well as the communities themselves," he added.

The new strategy also aims to provide humanitarian and development assistance in key provinces of the country.

Moutiou Adjibi Nourou

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