Mining Loans Forecast to Pass $1 Billion at Congo’s Biggest Bank
- Rawbank’s credit to miners nearly doubled to $820m in 2022
- Lender says 95% of Congo’s mining industry are its clients
A giant mining excavator at a pit in Kolwezi, Katanga province, Democratic Republic of Congo.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Rawbank Sarl forecast its lending to the Democratic Republic of Congo’s mining industry will jump more than 20% to over $1 billion this year, buoyed by rising demand and strong prices for the country’s strategic minerals.
The bank’s mining-linked loan book increased to $820 million in 2022, nearly doubling its credit offerings from the year before, according to Etienne Mabunda, commercial director at the Kinhsasa-based lender. The figure includes credit to mining companies, subcontractors and salaried workers at large firms, he said.