President Félix Tshisekedi of the Democratic Republic of the Congo (DRC) has said that the country’s state mining corporation and the United Arab Emirates have agreed to a $1.9 billion (Ksh270 billion) contract to develop at least four mines in the country’s east.
President Tshisekedi attended the signing ceremony on Monday between Primera Mining, an Emirati company providing about $2 billion (Ksh284.21 billion) to the project, and state-owned business Société aurifère du Kivu et du Maniema.
Sheilk Shakhboot Nahyan Al Nahyan, the Minister of State for Foreign Affairs of the United Arab Emirates, led a delegation to the Congo that the president had already welcomed. The cooperation expands on ongoing UAE mineral development initiatives in the South Kivu area through Primera Gold.
Read Also: Ruto Urges Policy-Making in Ending the DR Congo Conflict
The DRC’s president expressed optimism that this new alliance will usher in a period of change for the people of the country, particularly for those in the east who depend on the region’s natural riches for a living.
“For me, the love of the country and the Congolese people comes first. Any project that comes along to transform the Congo will be welcome,” said President Tshisekedi.
The President disclosed his plans to increase business opportunities in the Kivu region to replace the armed group operations that have kept the North Kivu and Ituri provinces unstable for the past 30 years.
The International Monetary Fund’s executive board also approved $43 million (Ksh6.11 billion) in economic assistance for the Democratic Republic of the Congo on Wednesday.
Subscribe to Switch TV for more content.
According to the IMF, the funds will support the political leadership of Congo in carrying out “their development policies, maintaining macroeconomic stability and strengthening economic recovery amid high food inflation, lower oil prices and tightening financial conditions.”
