DR Congo Isssues Eurobond for $700M

On 12 February 2026, the Central Bank of the Democratic Republic of Congo (DRC) successfully issued Eurobonds to the tune of USD 700 million. The coupon rate is 9.5% with the final maturity date fixed to January 2035. Repayments will take place in five equal annual tranches as from January 2031.

Citibank partnered with local bank Rawbank to act as the underwriter and deal arranger. Rothschild provided financial advisory services, while White & Case LLP was the legal advisor.

The Government of DRC plans to use the financing mostly for infrastructure development. The identified priority projects include the expansion of N’djili International Airport, the construction of roads and power plants, with a particular emphasis on improving rural #ElectricityAccess.

Back in 2008, DRC signed the so-called deal of the century with China, which involved a minerals-for-infrastructure swap for a total value of nearly USD 10 billion. However, DRC later renegotiated the terms of the deal as the level of infrastructure delivered was well below expectations. With its first-ever Eurobond issue, the DRC plans to expand its financing options.

Just in January 2025, S&P Ratings upgraded its sovereign rating from ‘stable’ to ‘positive’, making access to capital cheaper. The Debt-to-GDP ratio of DRC is relatively low at less than 14%, and the country assessment by the IMF is also positive. Certain analysts believe the interest rate on the loan may be on the high side.

The financing via Eurobonds occurs in a context of sustained global demand for copper and cobalt, of which the DRC has plenty. The eastern region bordering Rwanda remains unstable, although efforts by the US to stabilize the situation is under way. Thus, the main risks are an escalating conflict and a drop in the prices of these #CriticalMinerals.