The image of agriculture in the Democratic Republic of Congo is closely linked to the question of financing the sector. Despite the country’s 80 million hectares of arable land and 4 million irrigable lands, the agricultural sector remains underfunded by international financial institutions. This situation was highlighted during the DRC agribusiness forum which was held recently in Kinshasa.
According to Nabil Fawaz, MIGA Global Sector Manager for MAS at the World Bank, the DRC does not benefit from adequate financing to enable the country to achieve the much-desired food self-sufficiency. He revealed that the World Bank has a financing portfolio of $1.5 billion dedicated to the agricultural sector for the next fifteen years, but that the Congolese government must take measures to fully benefit from it.
Financing plays a crucial role in the development of an efficient agricultural and agro-industrial sector. It is essential to put in place the necessary infrastructure, improve agricultural practices, strengthen research and innovation, and promote access to markets. Unfortunately, in the DRC, the agricultural sector faces challenges related to lack of financing, which hinders its development and contributes to the massive importation of food products.
The DRC imports more than 80% of the food products most consumed on its territory, which represents a high cost for the country. In 2022, the volume of imports of basic necessities amounted to more than three billion dollars. This dependence on imports highlights the urgency of financially supporting the agricultural sector to promote local production and reduce dependence on foreign products.
The Congolese government demonstrates its desire to promote investments in the agricultural sector by taking measures favorable to the business climate. Nearly thirty tax-generating acts have been removed in order to improve the country’s attractiveness for agricultural investments. The objective is to make the DRC a preferred destination for investors interested in the agricultural sector.
However, it is essential that the Congolese government fully exploits the financing opportunities offered by international financial institutions, such as the World Bank. They must also develop strong public-private partnerships to mobilize additional resources and stimulate the development of the agricultural sector.
In conclusion, the DRC has immense agricultural potential, but this potential can only be fully exploited if the sector receives adequate financing. It is urgent that international financial institutions and the Congolese government work together to overcome financing obstacles and support the development of the agricultural sector. Strong and sustainable agriculture in the DRC will contribute to the country’s food self-sufficiency and stimulate its economic growth.