Rawbank Sarl, Congo's largest bank, expects lending to the country's mining sector to grow more than 20 percent to more than $1 billion this year, buoyed by rising demand and higher prices for the country's strategic minerals, Bloomberg reported.
Rawbank Sarl commercial director Etienne mabundance said the bank's mining-related loans increased to $820 million in 2022, almost double the amount of credit available the previous year. The figure includes credits to mining companies, subcontractors and salaried workers at large companies.
High mineral prices and a recently enacted law requiring more Congolese to work as subcontractors in the sector led to "significant investment" in the country's copper, cobalt, gold, tantalum, tin and tungsten sectors last year, Mabunda said.
The transition to green energy has led to a scramble for minerals needed to make electric cars, solar panels and turbines.
Congo supplies more than two-thirds of cobalt, a key battery mineral, and is one of the world's largest copper producers.
President Tshisekedi said this week that the government was also seeking to develop chromium, nickel and lithium deposits. ERG will invest $1.8 billion to double Africa's copper and cobalt production; Congo's president wants new exploration for energy metals
Ivanhoe Mines, Luoyang Molybdenum and Eurasian Resources are all expanding their operations in Congo, while BHP Billiton and Anglo American are also considering entering the country.
Rawbank is currently vying with the Congolese branch of Kenya's Equity Group Holdings Plc to be the country's largest bank, which merged with Banque commercial ale du Congo about two years ago. Rawbank is mainly owned by members of the Rawji family in Congo.
