World Bank grants $30 million to finance SMEs in the DRC
This project aims to increase the availability of finance for MSMEs in the DRC.The government of the Democratic Republic of Congo (DRC) has officially launched the PDIFM project, an initiative for the development of financial infrastructures and markets.
Initiated by the government and funded by the World Bank up to $30 million (€27.3 million), this project aims to increase the availability of finance for micro, small and medium enterprises (MSMEs) in the DRC.
It aims to modernise the payment systems infrastructure in a bid to foster a more inclusive financial system, and also brings technical support for the development of the financial market. A credit line will also be available to finance MSMEs on the medium and long-term.
This initiative should contribute to improve access to credit in the country, where demand far exceeds supply. The volume of credit in the DRC indeed currently stands at $1.8 billion, while the financing needs for basic infrastructure are approximately ten billion dollars, figures from the Central Bank of Congo show.
According to Director General of the Fund for financial inclusion in Congo Jean-Claude Thetika, there were 2.5 million MSMEs in 2013 in the DRC.