DRC Ratifies Loan Agreement for DRC-Angola Transnational Economic Corridor Project with African Development Fund
O’Neige N’Sele, Deputy Minister of Finance, submitted to the council the bill authorizing the ratification of the loan agreement signed on January 20, 2023 between the DRC and the African Development Fund (ADF) for the construction of the transnational economic corridor project between the Democratic Republic of Congo and Angola, phase 1. Prior to its adoption at the 94th meeting of the Council of Ministers, she indicated that with a financing of USD 99,224,400, this regional project aims to contribute to the improvement of the inter-state road transport system and the promotion of intra-regional trade in Central and Southern Africa.
“The Deputy Minister of Finance concluded her intervention by specifying that this project is structured around three components: Road infrastructure and related works, Capacity building, institutional support, and facilitation of transport and trade; project management and monitoring,” the meeting minutes held on Friday, April 14 state.
The African Development Fund was created in 1972 and is administered by the African Development Bank (AfDB). It includes 29 contributing countries and benefits 38 countries, almost half of which are classified as fragile and conflict-affected states. Since it became operational in 1974, the ADF has invested USD 45 billion.
As the preferential financing window of the AfDB Group, the African Development Fund provides concessional grants and loans, guarantees, and provides technical assistance for studies and capacity building by financing projects and programs that stimulate poverty reduction and economic development in low-income Regional Member Countries (RMCs).
