(Ecofin Agency) - The Democratic Republic of Congo (DRC) aims to invest 4202.4 billion Congolese francs ($1.5 billion) from its own funds in 2024. This move is part of a broader effort to reduce reliance on foreign investments, particularly in key sectors such as education and healthcare. The government plans to contribute more than 50% to its investment needs by 2030.

In 2022, the International Monetary Fund (IMF) reported that 90% of health investments, approximately 1273.4 billion Congolese francs, were funded by international donors. The education sector faced a similar situation. This heavy dependence on external funding is due to the DRC's low tax revenue, which was only 11.5% of the formal GDP in 2022, compared to an average of 23.4% in Sub-Saharan Africa.

To support its investment plans, the government anticipates raising 3703 billion Congolese francs in tax revenues in 2024 and an additional 499 billion francs from renegotiating a copper mining contract with Sicomines. Additionally, the government had earmarked a total of $714 million from resources allocated by the IMF in 2021, although it remains unclear how much of this will be utilized in the current year.

The primary focus of these investments will be on road infrastructure. As the second-largest country in Africa, the DRC is strategically positioned within key corridors connecting seven countries, necessitating improved connectivity to diversify beyond its mining sector. Another significant initiative is the “Local Development Plan for 145 Territories,” which aims to enhance social infrastructure across various localities, thereby generating economic benefits and job opportunities.

The government expects to generate up to $5.5 billion from Sicomines by 2040 if copper prices remain high. However, these funds alone will not suffice. Between 2022 and 2029, the DRC has projected investment expenditures of $46.5 billion. While foreign funding remains crucial, the government plans to significantly increase its contribution, aiming to surpass external funding by 2025 and nearly double it by 2030.