DRC upgrades legal framework
The Democratic Republic of Congo (DRC) is in the process of reforming its business environment by joining OHADA (Organisation for the Harmonisation of Business Law in Africa). This 16-nation initiative was designed to establish a common legal framework to facilitate private sector-led economic growth.Following a four-day workshop in Kinshasa between February 9th and 12th attended by delegates of member nations - and backed by the World Bank Group - the DRC aims to join OHADA this year.
Joseph Kabila, DRC President, stated: "The private sector initiative is limited, or even discouraged, by the investment climate. We need to change this situation urgently. I have decided that the improvement of the investment climate should be a priority objective."
The World Bank Group is backing the DRC's attempts to modernise its laws and simplify its administrative processes in order to enhance its business environment and attract greater investment.
Currently, OHADA's 16 member countries include the likes of Burkina Faso, Cameroon and Chad.