The Democratic Republic of the Congo (DRC) will receive a $12 million grant to carry out the Financial Sector Development and Inclusion Support Project, according to a decision by the Board of Directors of the African Development Fund, the group’s concessional lending arm.
The money will help the nation’s financial sector reforms and increase the financial inclusion of micro, small, and medium-sized businesses as well as rural and vulnerable populations, particularly women and young people.
The DRC’s Minister of Finance, Nicolas Kazadi Kadima-Nzuji, stated that the government was “pleased with the Board of Directors of the African Development Bank’s acceptance of this significant project. The establishment of a national development bank increased financial inclusion, and a stronger government securities market in the DRC are the three main goals of this initiative.
Ahmed Attout, Head of the Capital Markets Growth Division of the African Development Bank Group, stated that his organization is “delighted to promote the development of financial markets in the Democratic Republic of Congo.” “This project is essential to the growth of the market for government securities. In order to mobilize long-term resources, it will increase liquidity and reform some important regulatory frameworks. The project will also improve financial inclusion in the DRC and diversify the sources of financing for Congolese small and medium-sized businesses, according to him.
To help underserved people in rural parts of the Democratic Republic of the Congo, the African Development Bank is funding reforms to the country’s financial sector.
In particular, the project will aid in the mobilization of long-term resources by assisting in the establishment of a national development bank, a stock exchange, and a market for government securities.
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