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Kinshasa, December 10, 2024 - EquityBCDC is proud to announce the completion of a second drawdown to refinance arrears on oil price subsidies granted by the State, in line with the groundbreaking syndication between EquityBCDC, Ecobank RDC and Standard Bank that took place in February 2024.
This initiative, orchestrated under the aegis of EquityBCDC, is part of the "Club Deal" project, which involves close collaboration with the Ministries of Finance, Economy and Hydrocarbons. The total amount of this second drawdown is US$282 million, with EquityBCDC participating to the tune of US$156 million. This financing follows the successful first drawdown of US$123.5 million, demonstrating the banks' solid performance and commitment to the country's economic stability. The successful management of this first drawdown has enabled EquityBCDC to be confident in the implementation of this second drawdown, designed to support oil companies and avoid any shortages in the distribution of petroleum products throughout the Congolese territory.
"The success of this second drawdown is the fruit of close collaboration between the various financial institutions and testifies to our collective commitment to supporting the economic development of our country, the Democratic Republic of Congo," said Willy K. Mulamba, Managing Director of EquityBCDC. "We are convinced that this financing will contribute to stabilizing the oil market and ensuring a steady supply, which is essential for the sustainable development of our economy."
This project bears witness to a fruitful partnership between the public and private sectors. It highlights EquityBCDC's vision to champion the socio-economic prosperity of the African people by playing an active role in the economic development of the Democratic Republic of Congo.
About EquityBCDC :
EquityBCDC is a subsidiary of Equity Group (EGH) Holdings Plc, following EGH's acquisition of a majority stake in BCDC in July 2020. The bank has been present in the DRC since 1909. EquityBCDC facilitates access to banking services for all and finances micro, small, medium and large enterprises through inclusive financial products and services that economically and socially strengthen consumers, businesses and communities. EquityBCDC's vision is to champion socio-economic prosperity for the people of Africa by transforming lives, bringing dignity and providing opportunities for wealth creation.
Media contact:
Lesly Tungwa
Communications and Marketing Director
Equity Banque Commerciale du Congo
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