It is hoped that the unveiling of a major new financial centre in the Democratic Republic of Congo will usher in a new era for the country, one which places transparency and accountability at the heart of future development.
The Centre Financier de Kinshasa opened on December 19th with DRC President Félix Tshisekedi;DRC Prime Minister, Sama Lukonde; Prime Minister of the Democratic Republic of Sao Tome, Patrice Emery Trovoada; Aimé Boji Sangara, Minister of State, Minister Budget Nicolas Kazadi, the Minister of Finance;; and Turhan Mildon, CEO of Turkish construction company Milvest, in attendance. The result of a close collaboration with the Turkish government, it holds the Congolese Ministries of Finance and the Budget; a conference centre that can accommodate 3,000 people; five 20-storey administration towers; and what will open as a five-star, 240-room hotel.
ADVERTISEMENT“The centre will be the venue for diplomatic and cultural meetings, international conferences and intellectual exchanges,” said Kazadi. “It will reinforce our position as a prime destination for world-class events… a place where ideas and visions meet to forge a better future for our country and for Africa as a whole.”
Two underground car parks have been added, with space for more than 1,000 vehicles, and a formerly rundown roundabout in front of the site now showcases what is said to be the largest fountain in Africa, surrounded by gardens.
Agreements were signed with Milvest, a subsidiary of Turkish holding company Miller, in 2021, after meetings between the DRC government and President Erdogan, from Turkey, to agree on a funding plan.
The buildings have been completed in record time, just as the country goes to the polls for a general election to decide if current president Félix Tshisekedi will run for another term.
International cooperation for future growth
The scale and speed of the construction of the financial centre is mostly down to the size of the Turkish investment in the project, €265 million of which was provided as pre-financing by Milvest. Among the conditions of the contract, Milvest will assume joint management of the hotel in partnership with the Congolese government for 49 years.
ADVERTISEMENTRecent talks between the Congolese and Turkish governments have focused on building a bilateral framework of investment, bringing benefits to both sides.
“The congress and finance centre will be the shining star of Kinshasa, whose value increases every year with its hotel, offices and social spaces,” said Mildon. “It will provide income to the country's economy every year and pioneer the presence of many investors in this country.”
Addressing Tshisekedi directly, Mildon described how the President’s “pioneering vision” was responsible for “not only the development of the Democratic Republic of the Congo, but also the development of relations between the Congo and Turkey and the strong cooperation between the two countries. Some 3,500 citizens of the DRC and 2,500 Turkish citizens took part in the construction; his centre is clear evidence of what our two nations can achieve together.”
As well as the financial centre, Milvest is responsible for much of the funding for the extensive rehabilitation of the N’djili International Airport at Kinshasa and the construction of a 20,000-seater sports hall next to the Martyrs’ Stadium in Kinshasa – two projects that will also be undertaken by Milvest.
French company Gemo Management will monitor the contractual issues and oversee pricing, deadlines and quality control. Gemo Management was behind the construction of what is now the headquarters of the Ministry of the Economy in France, and the European Union buildings in Luxembourg.
Countering criticism that some of the work has been outsourced to foreign companies, Nicolas Kazadi expressed the government’s view that these should be international projects and that invaluable expertise and experience would be used to train young Congolese workers in new skills. The financial centre alone is expected to create thousands of jobs.
The new buildings are only the most visible face of the Congolese government’s ambitious reform plan, which aims to tackle a number of issues that are holding the DRC back from realising its complete potential.
Though the country’s 80 million hectares of fertile land, over 80 per cent of the food consumed within the DRC is imported. The DRC currently has one of the lowest rates of internet access in the world and only around half the population is able to access broadband. This has a knock-on effect across every sector, including the agro-industry.
Further international cooperation, along with public and private investment within the country, will be fundamental to moving digital transformation forward. This in turn will boost employment figures by increasing connectivity with remote areas.
Unlocking this kind of investment and growth will depend upon creating a business climate that is both stable and transparent, something the Congolese government is committed to establishing.
ADVERTISEMENT“Today the Democratic Republic of the Congo takes a new step towards a bright future,” said Kazadi, at the 19 December inauguration. “The finance and convention centres are symbols of our collective ambition and determination to build a bright future for all Congolese.”
