KINSHASA, June 7, 2022—The World Bank's Director of Strategy and Operations for Eastern and Southern Africa, Humberto Lopez, has concluded a two-day visit to the Democratic Republic of Congo (DRC) during which he and the Country Director, Jean-Christophe Carret, met with Democratic Republic of Congo Finance Minister Nicolas Kazadi, and visited projects under implementation in Kinshasa, including the construction of the future Ozone water treatment plant.
“I appreciate the close partnership and collaboration between the Ministry of Finance, and more generally DRC, and would like to personally thank Minister Kazadi for his efforts to build a solid program with the World Bank that will soon total about $7 billion in grants and credits,” said Mr. Lopez after the meeting.
The Bank’s active portfolio for DRC will reach about $7 billion at the end of June 2022 due to a significant increase in financing from the International Development Association (IDA) in recent years. IDA provides grants and zero or low-interest loans called credits boost economic growth, reduce inequalities, and improve people’s living conditions in the world’s poorest countries.
The meeting was also an opportunity to discuss how the Bank can support DRC in its efforts to preserve its rainforest and basin—the largest rainforest on the African continent and the second largest in the world.
The Bank and the Minister of Finance also signed two financing agreements for a total of $900 million in support of women's entrepreneurship and improved access to water and electricity in the Kasai and Eastern provinces.
“These operations add to a portfolio of operations focused on building human capital and protecting the country’s poorest—including women—from socio-economic shocks,” said Mr. Carret.
During the visit, the Bank delegation encouraged the authorities to continue their efforts to increase COVID-19 vaccination coverage and commended them for setting up a complaints and reporting system against sexual harassment in schools—a critical tool in the fight to end violence against young girls.
The Bank also reiterated its commitment to DRC in the development of the next phases of the Inga hydroelectric infrastructure.
*The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 74 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.3 billion people who live in IDA countries. Since 1960, IDA has provided $458 billion to 114 countries. Annual commitments have averaged about $29 billion over the last three years (FY19-FY21), with about 70 percent going to Africa. Learn more online: IDA.worldbank.org. #IDAworks
PRESS RELEASE NO: 2022/081/AFE
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