Kinshasa, 05 February 2024 – On the occasion of the Mining Indaba Forum, the world’s largest gathering of mining players, Rawbank, the leading bank in the Democratic Republic of Congo (DRC), announces that it has raised 200 million dollars on the international market to support the mining sector value chain in the DRC. Rawbank has now confirmed its position as a strategic bank for the Congolese mining sector.
Rawbank continues to support the financing needs of the Congolese economy
In order to meet the needs of players in the mining sector value chain – which contributes 25% of the country’s jobs – Rawbank, as arranging bank, mobilised heavily to launch an unprecedented syndication operation in the DRC in partnership with two partner banks. The aim was to support Phase 3 at the Kamoa-Kakula Copper Complex, which will produce around 600,000 tonnes of copper and generate an additional 178 megawatts (MW) of clean hydroelectric power for the national grid, to become the world’s third-largest and lowest-carbon emitting copper complex.
“Today, we announced our very first fundraising on the international market, marking a major turning point in our financial journey. This achievement is much more than a simple transaction; it is a tangible sign of the credibility and solidity of our institution on the regional and even international scene. This success is the fruit of hard work, determination and the renewed confidence of our investors in our vision and our ability to navigate complex environments. By overcoming challenges and remaining true to our core values, we have consolidated our position as the leading financial institution in the DRC,” said Mustafa Rawji, CEO of Rawbank.
In 2023, Rawbank remains the leading Congolese bank and partner of the mining industry
In 2023, Rawbank provided $800 million in loans to local and international mining companies, ranging from processing companies to copper and cobalt producers.
Fuelled by the rise in commodity prices over the past five years, deposits from the bank’s mining customers have increased more than fivefold. The bank is the financial partner of 80% of the key players in the mining sector. These customers benefit from solutions that facilitate their operations, such as Optimus interfaces for monitoring foreign exchange declarations linked to import-export operations, Rawbank Online and SIOP, which enables them to manage and automate their transactions directly without the bank’s intervention. Rawbank’s trading room also facilitates the financing of mining projects on the local market.
The Congolese mining sector currently accounts for 47% of GDP, contributing 43% to the national budget. It generates 95% of exports, supporting ¼ of the country’s jobs. According to the DRC Treasury report, the economic outlook for 2022 is for a growth rate of 8.0% in 2023 and 7.2% in 2024, mainly driven by the extractive sector, which is expected to grow by at least 12% on average between 2023 and 2024.