Democratic Republic of Congo | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions


bicusa.org/drc Home Regions AfricaDemocratic Republic of Congo Democratic Republic of Congo Overview Key Issues Updates Resources Contacts RSS Update \| 19 August 2008 Bretton Woods institutions send mixed messages about China’s role in Africa Since the Chinese economy has taken off and it has increasingly looked to Africa to provide raw materials, the World Bank and IMF have been confronted with the question of how to respond. Recent statements by the institutions have shown that these responses are careful and at times contradictory. Read more Update \| 18 August 2008 World Bank announces countries eligible for avoided-deforestation credits Democratic Republic of Congo (DRC) and five other African countries were included in a list of 14 that will take part in the Bank's controversial Forest Carbon Partnership Facility (FCPF). Read more Update \| 23 June 2008 World Bank continues to push African hydro despite concerns over vulnerability to climate change World Bank involvement in the proposed Inga and Kafue dams has brought criticism over the continued reliance on hydro in a warming world, and intentions to power foreign mining companies. Read more Update \| 30 May 2008 Congolese groups denounce disinformation campaign by industrial logging industry During the French environment minister's recent visit to the Democratic Republic of Congo (DRC), Congolese civil society organizations released a statement drawing attention to the alarming situation in the Congo forests and the destructive activities of logging companies. Read more Update \| 29 May 2008 World Bank sets up $1.2 billion facility for food aid The World Bank announced today that it has set up a financing facility in the order of $1.2 billion to assist with the global food crisis. Read more Update \| 9 April 2008 Bank plans more infrastructure, mining and forestry projects in DRC The new Country Assistance Strategy for the Democratic Republic of Congo, which the Bank has kept secret, suggests a continued emphasis on the natural resource sectors as sources of growth going forward and predicts at least $1.4 billion in new lending over the next three years. Read more Update \| 3 April 2008 Controversial EIB-backed mining project in the Congo to face contract renegotiation DRC mining contract commission to push for a greater share in the Tenke Fungurume mining concession, one of the largest copper-cobalt deposits in the world. Critics charge that EIB's investment in the highly contested project before the conclusion of the contract review was "irresponsible." Read more Update \| 16 January 2008 Rebuked by internal investigation, World Bank plans to do more in DRC forest sector, but will it do better? An Inspection Panel report on the World Bank’s safeguard policy violations in its Democratic Republic of Congo (DRC) forest sector operations prompts discussion on new approach and greater role for Pygmies in decision-making about the future of the world’s second-largest rainforest. Read more Update \| 11 December 2007 Press highlights World Bank blunders in Congo's forest Last week, the Financial Times published an article on the World Bank's errors in its forest operations in the Democratic Republic of Congo (DRC) and allegations of support for illegal logging in the country by the International Finance Corporation (IFC). Just two days later, the IFC announced it would sell its stake in Olam International Ltd., the Singaporean commodity trading company accused of "environmental malpractice" in the world's second largest rainforest. As those gathered in Bali for the United Nations conference on climate change discuss the importance of forests to the future health of the planet, the Bank's missteps in Congo deserve a closer look. Read more Update \| 27 November 2007 Comment: Try as it might, the World Bank cannot hide its failings The World Bank touted it's meeting with a delegation of Pygmies from the Democratic Republic of Congo (DRC) during the Bank's Annual Meetings in October. But as Simon Counsell of Rainforest Foundation UK points out, the Bank has consistently ignored the findings of the quasi-independent Inspecition Panel and violated its own "safeguard policies." Read more Update \| 14 November 2007 Government panel to recommend cancellation or renegotiation of over 60 mining contracts in DRC Leaked report lists IFC-sponsored Kalukundi concession among contracts recommended for renegotiation. Read more Update \| 14 November 2007 BHP Billiton eyes Congo's Inga dam complex to power new $3 bn aluminum smelter According to Bloomberg, the plant would require the use of up to two-thirds of the dam's output. The World Bank previously indicated that it may be willing to support the expansion of the dam. Read more Update \| 7 November 2007 NGO coalition calls for release of report on mining contracts in the DRC A coalition of non-governmental organisations from Europe, North America, and the Democratic Republic of Congo (DRC) launched an international appeal today demanding the publication of the final report of the ministerial commission on the review of mining contracts without delay. Read more Update \| 4 October 2007 AfDB approves funding for controversial Tenke mine in the DRC The African Development Bank (AfDB) will contribute $100 million despite ongoing review into alleged irregularities associated with mining concession contract. Read more Update \| 25 September 2007 Questions loom large as Bank pushes carbon finance for forest protection The World Bank has approved plans to proceed with the development of the controversial Forest Carbon Partnership Facility, although many critical issues remain unanswered. Civil society groups are concerned that the initiative may end up being profitable for governments, companies and investors without any real reductions in carbon emissions, true protection of forest resources, or equitable benefits for the poor. Read more Update \| 25 September 2007 AfDB promises increased aid to DR Congo under new fragile states policy Some observers are apprehensive about the trend among international financial institutions (IFIs) to focus on fragile states, particularly in Africa, and are concerned that these institutions may wield undue leverage over cash-strapped governments. Read more Update \| 24 September 2007 IFC continues push for Africa’s minerals Proposed copper-cobalt and gold projects re-enforce civil society's misgivings about the International Finance Corporation's commitment to environmental and social sustainability. Read more Update \| 20 July 2007 EIB approves DR Congo mining project despite ongoing government review The European Investment Bank this week approved €100 million ($130 million) for the controversial Tenke Fungurume mining project, despite calls from civil society for public lenders to await the outcome of an ongoing examination of 60 mining contracts. Read more Update \| 11 July 2007 Civil society organizations call for public lenders to respect DR Congo mining contract review Critics argue that OPIC's expected investment in the Tenke Fungurume mine appears to prejudge the outcomes of the ongoing government review process. Read more Update \| 6 July 2007 Congo government set to cancel illegal logging concessions Civil society remains concerned that the criteria for cancellation in the legal review may not be strictly applied, and that many dubious titles could be confirmed in the process. Read more Update \| 5 July 2007 IMF to prioritize post-conflict countries in Africa Critics question whether the Fund has the expertise to engage countries emerging from conflict, and are concerned that the it might exert undue leverage over cash-strapped governments with little bargaining power. Read more Update \| 15 June 2007 IMF predicts DR Congo to "reap the benefit" of its mineral wealth Critics contend that even with the upcoming review of 60 mining contracts signed during the war and by the interim government, the Congolese stand to benefit little. Read more Update \| 12 April 2007 Investors hold roundtable to discuss Inga Dam Many remain skeptical that the proposed project represents a solution to Africa’s energy woes Read more Update \| 11 April 2007 Greenpeace releases new report critical of World Bank's role in DRC's forest sector Report entitled "Carving up the Congo" reveals that the world's second largest rainforest is under threat. Read more Update \| 14 March 2007 Press Release: Grand Inga, Premature Panacea “Access to affordable and clean electricity for the millions of Africans who today have none” is a fitting goal for the World Energy Council (WEC)’s energy planning in Africa. But their answer, the $50 billion USD Grand Inga hydropower scheme, is not the panacea project that the WEC would like it to be. Read more Update \| 13 March 2007 NGOs demand revision of unfavorable DRC mining contracts A coalition of NGOs launched an appeal to the Congolese government, the World Bank and other international partners to "renegotiate, revoke or cancel" disadvantageous mining contracts made during the war and under the transitional government, in order to ensure that the Congolese people derive a "fair share" from the exploitation of the country's natural resources. Read more Update \| 7 March 2007 Paul Wolfowitz to visit Democratic Republic of Congo Visit signals heightened World Bank interest in the country following the inauguration of a new government, as well as in the wake of controversy around the forest and mining sectors. Read more Update \| 6 March 2007 DRC government, donors, civil society meet to discuss the future of Congo's rainforests Civil society releases declaration enumerating key demands concerning forest sector management in the Democratic Republic of Congo. Read more Update \| 26 February 2007 Democratic Republic of Congo Country Update BIC and Environmental Defense release the latest DRC Country Update, which provides information about recent developments, decisions, and civil society activities related to the work of the International Financial Institution’s (IFIs) in the Democratic Republic of Congo. The French version is forthcoming. Read more Update \| 25 February 2007 World Bank to undertake study of DRC’s mining sector Study to examine DRC mineral sector’s potential for growth, its ability to contribute to poverty reduction, the infrastructure investment needed to support private sector mining activity, and governance of the sector Read more Update \| 22 February 2007 Report warns that deforestation in the DRC could have large-scale climatic effects A new report from the Rainforest Foundation UK warns that damage to and destruction of Congo's rainforests could cause significant increases in emissions of carbon to the atmosphere Read more Update \| 17 February 2007 IFC and MIGA consider investment in DRC MagEnergy project World Bank Group private sector lending arms likely to support rehabilitation of Inga hydroelectric site in the Democratic Republic of Congo. Read more Update \| 9 January 2007 World Bank study notes “complete lack of transparency” in DRC mining contracts In an op-ed about the Democratic Republic of Congo (DRC) in the Boston Globe, authors John le Carre and Jason Stearns criticized the unfavorable mining contracts signed between several international companies and Gecamines, the Congolese state-owned copper company, as a threat to the country’s prospects for lasting peace and development. Read more Update \| 18 December 2006 World Bank commits $1 billion to Democratic Republic of Congo The Bank will offer $1 billion to newly-elected President Joseph Kabila in support of his five selected priority areas: health, energy, infrastructure, education and good governance. Read more Update \| 6 December 2006 Civil society calls on DRC President to renegotiate disadvantageous mining contracts World Bank yet to disclose audits of Democratic Republic of Congo's state-owned copper mining company Read more Update \| 22 November 2006 World Bank implicated in controversial DR Congo mining contracts An internal memo warns that the Bank may be complicit in the non-transparent awarding of mining contracts that are unfavorable to the country Read more Update \| 7 September 2006 MIGA plans major involvement in DRC mining industry The head of the extractive industries unit for the Multilateral Investment Guarantee Agency (MIGA), the World Bank’s political risk insurance arm, has expressed an interest in scaling up its portfolio in the Democratic Republic of Congo’s mining industry from its present $20.8 million to $500 million within three years. Read more Update \| 11 July 2006 New report from Global Witness details fraud, abuse and exploitation in Katanga's copper and cobalt mines in the Democratic Republic of Congo Read more Update \| 1 April 2006 Civil society releases report on World Bank lending in DR Congo Read more Update \| 3 March 2006 NGOs urge World Bank to examine problems with implementation of mining projects in DR Congo NGOs call upon the World Bank to investigate mining contracts and problems with the Bank's reform project in DR Congo. Read more Update \| 3 March 2006 Heeding calls from NGOs, Bank releases CAO report on DRC mine Read more Update \| 28 October 2005 President Joseph Kabila Reconfirms Ban on New Logging in the DRC The president of the Democratic Republic of Congo reissued a ban on any further logging allocations in the country and is calling for a review of ongoing projects. Read more Update \| 21 October 2005 Recent report from the DRC highlights plight of Congolese miners Read more Update \| 22 September 2005 World Bank Group and the Democratic Republic of Congo - Title Read more Print this page Email this page		Search Regions Africa Asia Europe/Central Asia Latin America Middle East and North Africa See also African Development Bank European Investment Bank in Africa International Finance Corporation International Monetary Fund Multilateral Investment Guarantee Agency World Bank (IBRD & IDA) Africa Stay Informed! Sign up for our e-newsletters. SignUp

	Last updated 20 November 2008 © 2008 Bank Information Center Website content may be freely reproduced as long as BIC is credited as the source.

Site by CaudillWeb