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Browsing: Democratic Republic of Congo
- East Africa’s banking giant KCB Group reports heightened operational expenses, which surged to $627 million in 2023, up from $447.9 million in 2022.
- The costs are associated with the consolidation of its subsidiary in the Democratic Republic of Congo, Trust Merchant Bank (TMB),
- Additional expenditures were related to a voluntary retirement scheme as well as litigation fees.
KCB Group, one of East Africa’s banking giants, has reported a net profit decline to $282 million for the year ending December 2023, from $307 million in 2022.
The bank has attributed this decline to increased operational costs and higher provisions for bad loans as primary reasons for the downturn in profitability.
In a period marked by economic challenges and strategic expansions, KCB Group faced heightened operational expenses, which surged to $627 million in 2023, up from $447.9 million in 2022.
DRC-based Trust Merchant Bank consolidation costs
This increase was largely due to …
- On December 20, 2023, the eyes of Africa and the international community are keenly focused on the Democratic Republic of Congo (DRC) as it goes to its presidential and legislative elections.
- The elections in the DRC hold significant implications for the region and the international community.
- The recent developments in the Democratic Republic of Congo (DRC) have led to a significant diplomatic response, particularly from Kenya.
On December 20, 2023, the eyes of Africa and the international community are keenly focused on the Democratic Republic of Congo (DRC) as it goes to its presidential and legislative elections. The DRC, known for its vast mineral wealth, is at a pivotal point in its democratic journey, with the elections being a critical step towards stability and development.
The upcoming elections are taking place amid a complex backdrop of security challenges, particularly in the eastern regions where armed conflicts continue to displace millions. …
Africa has today emerged as a fertile ground for groundbreaking startups. As 2024 approaches, the continent’s startup scene is buzzing with activity, marked by impressive funding rounds and strategic expansions. This trend is a fleeting moment and a testament to African entrepreneurship’s resilient and dynamic spirit.
The Exchange Africa spotlights five startups thriving and redefining the business landscape in their respective sectors. From renewable energy solutions in the Democratic Republic of Congo to digital health platforms in Kenya, these companies embody the ingenuity and potential of Africa’s business ecosystem. They attract significant investment and are poised to substantially impact their communities.…
In 2020 Democratic Republic of the Congo was placed as the 87th economy in the world in terms of GDP (current US$), number 70 in total exports, number 105 in total imports, number 187 economy in terms of GDP per capita and the number 123 most complex economy according to the Economic Complexity Index (ECI).
According to figures from the Observatory of Economic Complexity (OEC), a global data visualization tool for international trade, as of 2020, the top exports of the Democratic Republic of the Congo are refined copper, cobalt oxides and hydroxides, cobalt, raw copper, and copper ore, exporting mostly to China, Tanzania, United Arab Emirates, South Africa, and Singapore.
The top imports of the Democratic Republic of the Congo are documents of title (bonds etc.) and unused stamps, packaged medicaments, sulphur, refined petroleum, and poultry meat, imported mostly from China, the United States, Zambia, South Africa, and India.…
It is obvious that the DRC’s desire to become a member of the EAC is to tap into the benefits of regional trade, i.e. an expanded market of 300 million people, and to increase Foreign Direct Investment (FDI) through its membership in the EAC bloc. DRC’s capital market remains underdeveloped and consists mainly of the issuance of treasury bonds.
There is no stock exchange in the country and only a small number of private equity firms are actively investing in the mining industry. There are hardly any institutional investors in the DRC except for an insurance company and a state pension fund. The Central Bank of Congo (BCC), developed a market for short-term bonds, which are bought and held by local Congolese banks.
The absence of a domestic debt market has meant that the fixed-rate market is limited to government-issued treasury bonds with maturities of up to 28 days traded …
Since the beginning of the Russia-Ukraine crisis, fertilizer prices have risen by 21 per cent.
It was noted that “the recovery of Africa has been impeded by greater inflation and tighter global financial conditions as well as rising interest rates,”
To counter external shocks, such as the Ukraine crisis, she urged public and private sector partnerships to enhance intra-African agri-food, industry, and service trade. She also urged the continent’s recovery from Covid-19 to get back on track.
When asked if Africa needs a second Marshall Plan, Keita said that Africa already has an effective one, in the AfCFTA, that may help it prepare for unpredictable times.…
A dollar is trading at 16.67 Kwacha and 13.35 Seychelles rupees as at December 31. Both countries were among the three worst performers in 2020.
This has fueled speculation from corporate participants and currency retail traders on when exactly to exit foreign currency risks for dollar hoarders or whether to buy the Kwacha as a safer haven store for value.
President Hichilema’s government is in the process of reworking as much as $17 billion in external public debt. He has submitted an endorsement request to the IMF as his administration advances talks with creditors from US$3 billion in Eurobond holders to US$5.8 billion owed to the Republic of China.…
Francois Kabeya, Goma Mayor General Commissioner, assured that the heightening business growth would expand employment opportunities and consequently create wealth for Goma residents, a city bordering Rwanda.
James Mwangi, Equity Group Managing Director and CEO, said the bank had US$5 million allocated for entrepreneurs ready to invest in manufacturing, tourism and several other sectors in the region.
He said that the aim of the mission was to unite people in both countries adding that the best collaborators in the business community were those that took risks, made mistakes and eventually created wealth.…
The trade mission, which brings together Kenyan and DRC investors and entrepreneurs, will be held in four of DRC’s biggest cities that is, Kinshasa, Lubumbashi, Goma, and Mbuji Mayi.
SMEs will have an opportunity to explore opportunities in DRC through business forums and panel discussions moderated by experts in various fields, site visits to various businesses and locations of interest, networking sessions, and trade exhibitions that will allow businesses to showcase their products and services.
Speaking during the official opening ceremony, Bazaiba expressed delight in seeing two sovereign States from the East and Central Africa region championing the growth and integration of Africa through trade and investment.…
Equity Bank is in the final stages of completing its takeover of the Banque commercial du Congo (BCDC).
The acquisition follows an agreement with the majority shareholder—George Arthur Forrest and family to acquire all the 625,354 shares (66.53 per cent) owned by the Belgian at a cost of $105 million.
The government of the Democratic Republic of Congo owns 25.53 per cent while other minority shareholders own the remaining 7.94 per cent shares.
The price of the transaction includes dividends declared after January 1, 2019, in respect of the financial year ending December 31, 2019, transpiring to dividend price per share of $ 167.9 per share.
In a statement, Equity Bank Chief Executive James Mwangi said the acquisition provides more motivation for it to push ahead with its 2024 dream of converting into a pan African bank.
“This is an opportunity for the Group to take further steps towards …