DRC Raises $1.25 Billion in Maiden Eurobond to Fund $2.5 Billion Mining Infrastructure Projects

The Democratic Republic of Congo raised $1.25 billion in its first-ever Eurobond sale on April 9, 2026, in Kinshasa, issuing six- and eleven-year notes priced below those of regional peers. Officials said the funds will support $2.5 billion in mining infrastructure, energy, and social projects, with transparency measures including UNDP oversight and investor reviews planned within a year.

The Eurobond issuance consisted of $600 million in six-year bonds carrying an 8.75% yield and $650 million in eleven-year notes at 9.5%, according to official statements. These yields were priced below those of regional peers Angola and Congo-Brazzaville, both more seasoned issuers, reflecting investor confidence in the Democratic Republic of Congo’s (DRC) credit profile. The bonds were arranged by Rawbank, Citigroup, and Standard Chartered Bank as part of a broader $1.5 billion Eurobond program aimed at diversifying the country’s funding sources, officials said.

Investor demand for the bonds was strong, with orders exceeding $2 billion for the six-year tranche and $2.8 billion for the eleven-year notes, resulting in a total oversubscription of nearly four times the $1.25 billion raised, according to market sources.

Early trading showed yields on the 2032 bonds declining, signaling robust appetite among foreign investors amid improved global market conditions. Analysts noted the DRC’s relatively low debt-to-GDP ratio of 18-22% as a factor underpinning investor interest in frontier African debt.

Finance Minister Doudou Fwamba Likunde Libotayi, speaking at a press conference in Kinshasa on April 13, 2026, said the proceeds will finance $2.5 billion in mining infrastructure, energy, and social projects. He pledged public transparency in the use of funds, proposing the United Nations Development Programme (UNDP) as an independent observer to monitor allocations and project implementation. The minister also committed to inviting investors within a year to review project progress, underscoring the government’s focus on accountability.

President Felix Tshisekedi, addressing the Council of Ministers on April 15, 2026, attributed the bond’s success to strict fund management and governance. He tasked Prime Minister Judith Suminwa with establishing an inter-institutional commission, including the Planning and Finance ministries, to oversee the projects. The president mandated quarterly public reports detailing project progress, fund allocations, and any discrepancies. He linked the bond proceeds to seven key initiatives under the 2024–2028 National Strategic Development Plan, emphasizing disciplined governance as critical to sustaining investor confidence.

Among the infrastructure projects funded by the bond is the construction of a new 49,000-square-meter terminal at N’djili International Airport in Kinshasa, designed to handle five million passengers annually, officials said. The program also includes rehabilitation of a 750-kilometer road corridor between Kisangani and Beni in the northeast, upgrades to 300 kilometers of urban roads in Kinshasa, and construction of a 31-kilometer Kinshasa bypass featuring interchanges and bridges aimed at reducing traffic congestion. These projects are intended to modernize the country’s economic base by improving strategic transport infrastructure.

Energy projects supported by the bond include a 330-kilovolt transmission line linking Zambia to the Congolese copper belt, enhancing regional power connectivity. Construction began in July 2025 on the Katende hydropower plant, a 64-megawatt facility with associated distribution networks in Kasaï-Central province. Discussions are advancing on the 206-megawatt Ruzizi II hydropower project, a joint venture with TotalEnergies and the government of Burundi, according to energy ministry sources. These initiatives aim to boost electricity supply for mining regions and generate revenue, supporting the country’s energy needs amid rising demand and International Monetary Fund (IMF)-backed reform programs.

The DRC is the world’s largest producer of cobalt and the second-largest producer of copper, minerals critical to the global energy transition, according to industry data. In January 2025, the IMF approved a $2.77 billion support package for the country, comprising a $1.77 billion Extended Credit Facility and a $1 billion Resilience and Sustainability Trust Facility over 38 months, aimed at strengthening capacity for energy and infrastructure development. The IMF’s involvement includes supervision of fund use to ensure fiscal discipline. The successful bond issuance and ensuing projects enhance the DRC’s credibility in attracting power investments, as highlighted at the Invest in African Energy forum earlier this year.