Bloomberg News

Congo Approved $5.8 Billion in Investment for 2011, Agency Says

February 15, 2012

Feb. 15 (Bloomberg) -- Democratic Republic of Congo approved more than $5.8 billion in investment last year, about half of which came from the mining industry, its National Agency for Investment Promotion said in a statement.

Foreign direct investment accounted for about $2.96 billion of the total, Otton Oligo, the agency’s approval department manager, said by phone from Kinshasa, the capital. Actual investment for the year was $5.3 billion, according to the statement.

The agency, which promotes investment in Congo and is part of the country’s Portfolio Ministry, approved $962 million in telecommunications investments and $492 million for energy production and distribution. Construction of hotels and buildings accounted for $295 million in investments, according to the statement.

Congo’s economy grew 7 percent last year, mainly on the strength of high commodity prices, according to the Finance Ministry. The Central African country has about 4 percent of the world’s cobalt reserves and produces around half its cobalt. The investment figures take into account new investments as well as diversification and modernization projects.

--Editors: Vernon Wessels, Karl Maier

To contact the reporter on this story: Michael J. Kavanagh in Kinshasa at mkavanagh9@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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