World Bank Commends DRC’s Efforts to Stabilize Macroeconomic Environment

Kinshasa, DRC (Capital Markets in Africa):– World Bank Group Managing Director Dr. Sri Mulyani Indrawati on Tuesday concluded her visit to the Democratic Republic of Congo (DRC), where she met with President Joseph Kabila Kabange, Prime Minister Matata Ponyo and key members of the Congolese Government to discuss long-term development prospects for the region, and to review progress made as part of the Great Lakes Regional Initiative.

During meetings held May 10-12, Dr. Indrawati commended DRC officials for their efforts to stabilize the macroeconomic environment.  Encouraged by this progress, Dr. Indrawati said that the World Bank and the International Finance Corporation, are ready to provide expertise to develop important sectors including the DRC’s agro-industrial parks, as Prime Minister Matata Ponyo explained the government’s proposal to expand the number of sites in the country from 22 to 26. She noted that such investments will help reduce threshold costs that otherwise might deter the engagement of private sector investors. Dr. Indrawati also recommended that the DRC devote more resources to the development of human capital, especially in the health and education sectors.

“There is tremendous potential for this country to grow,” said Dr. Indrawati. “The agro-industrial park project represents an even greater potential because it addresses another sector, agriculture, upon which the vast majority of the population depends.”

“I’m greatly encouraged by the productive conversations we have held with Dr. Indrawati over the last few days. It is clear that both the World Bank Group and the DRC are committed to expanding our efforts to bring positive reform and structural change that will enhance the lives of the Congolese people, and create an attractive investment environment for international partners,” said DRC Minister of Finance Henri Yav Mulang. “I look forward to continuing our productive relationship, and thank her for the support she has shown for the people of the Congo.”

At stops in Kinshasa and Goma, Dr. Indrawati noted how certain initiatives like the reform of state-owned enterprises will help increase economic activities, create wealth and reduce poverty. In this regard, she explained that where there is prosperity, there are fewer opportunities for the emergence of armed groups or armed conflicts.

The visit by Dr. Indrawati further deepens the partnership between The World Bank Group and the DRC, as the World Bank Group’s existing portfolio in the country includes 25 current projects amounting to US$3.5 billion, including two regional projects totaling US$1.14 billion. Projects supported range from improvements to infrastructure, public finance management, public enterprise reform, improvements to health and education infrastructure, national parks and forest management, agriculture and more.