DRC Targets $750 Million From First International Bond to Fund Infrastructure
DRC Plans $750 Million Debut Eurobond as Rising Metal Prices Boost Investor Appeal
The Democratic Republic of Congo (DRC) plans to raise $750 million in April through its first international bond issuance, with proceeds earmarked for infrastructure development, Finance Minister Doudou Fwamba Likunde said in an interview in Kinshasa.
The transaction will represent the first tranche of a broader foreign-currency borrowing programme approved by the Council of Ministers.
The programme allows for up to $1.5 billion in international bond issuances through 2026, with the government intending to phase market access to manage financial and refinancing risks.
The DRC is seeking to capitalise on a favourable macroeconomic backdrop, supported by rising commodity prices—particularly copper and gold—and strengthening economic growth. Authorities are also working to reassure investors by highlighting macroeconomic stability, with inflation running at around 2% and public debt levels among the lowest in Africa.
Public debt stood at an estimated $13.17 billion at the end of 2024, equivalent to about 18.5% of gross domestic product, well below the sub-Saharan Africa average of nearly 59%.
As Africa’s second-largest country by land area and one of the world’s most resource-rich nations, the DRC is aiming to improve its investment profile after years marked by political and security challenges.
“We want a structured offer that guarantees fiscal sustainability without exposing us to excessive risks,” Likunde said.
The planned $750 million issuance will be led by Citigroup, with Rawbank acting as a local partner, alongside advisory support from Rothschild & Co and legal counsel White & Case.
An emerging-markets analyst noted that investor appetite is likely to be strong, although yields could be elevated due to lingering political and security risks. By comparison, neighbouring Republic of Congo offered a yield of about 13.7% on a bond issuance last year, according to Bloomberg data.
The DRC holds a B3 credit rating from Moody’s, in line with Nigeria and Angola. The International Monetary Fund forecasts average economic growth of 5.4% a year through 2030, with inflation expected to remain close to the central bank’s target.
Foreign exchange reserves, estimated at more than $7.4 billion, now cover roughly three months of imports, marking a record level for the country.
Proceeds from the bond are expected to finance projects drawn from a $3 billion investment pipeline, primarily focused on energy and transport infrastructure.
Congolese authorities said the debut issuance is intended to establish a long-term presence in international capital markets, with further bond offerings planned to support the country’s economic development.
