DRC Relaxes Rules For Foreign Investors

Politics
19/07/2015 12:03

According to The East African, the Democratic Republic of Congo is relaxing rules for foreigners seeking to invest in key sectors such as agriculture and energy. The incentives include a payment of $10,000 for the acquisition of a foreign investor investment certificate and a fee of $120 for the registration of a company. Dealers in minerals such as gold and diamonds are required to pay $5,000 and $200,000 respectively for a licence. Investors in tin, coltan and gemstones will have to pay $6,000, $20,000, and $1,000 respectively for a permit. DRC has also introduced new measures to improve its banking landscape, which has 18 licensed banks serving 1.4 million customers of out of an adult population of 35 million. The move is in an attempt to grow an economy whose budget for the 2015 financial year stands at $8 billion and whose foreign reserves — estimated at $2 billion — can only provide import cover for six weeks.