Equity BCDC, the second-largest bank in the Democratic Republic of Congo, has completed a significant second drawdown to refinance arrears on oil price subsidies granted by the State. This milestone aligns with the groundbreaking syndication initiated in February 2024, involving Equity BCDC, Ecobank RDC, and Standard Bank.
This initiative, spearheaded by Equity BCDC, is a cornerstone of the “Club Deal” project, executed in close collaboration with the Ministries of Finance, Economy, and Hydrocarbons. The project represents a vital public-private partnership designed to address the economic challenges facing the nation.
The second drawdown, amounting to $282 million, includes Equity BCDC’s contribution of $156 million. This follows the first successful drawdown of $123.5 million, which demonstrated the banks’ strong performance and commitment to supporting the DRC’s economic stability.
Building on the first drawdown’s success, Equity BCDC has approached this financing with renewed confidence, aiming to support oil companies and prevent shortages in the distribution of petroleum products across the country.
“The success of this second drawdown is the fruit of close collaboration between the various financial institutions and testifies to our collective commitment to supporting the economic development of our country, the Democratic Republic of Congo,” said Willy K. Mulamba, Managing Director of Equity BCDC.
“We are convinced that this financing will contribute to stabilizing the oil market and ensuring a steady supply, which is essential for the sustainable development of our economy.”
This project underscores a robust partnership between public and private sectors while highlighting Equity BCDC’s mission to champion socio-economic prosperity in Africa. Through initiatives like this, the bank solidifies its role as a critical driver of the DRC’s economic growth and resilience.
