The African Development Bank (ADB), the continent's foremost lending institution, has given the cash-strapped Democratic Republic of Congo (DRC) US $43 million and lent it another $15 million.
The bank's vice-president, Bisi Ogunjobi, signed the deal with the government on Monday in Kinshasa, the nation's capital, a week after World Bank President James Wolfensohn announced a $450-million grant to the country. Future ADB aid to the DRC - ruined by four years of war - will serve to provide the public with potable water, education, and health services.
This agreement marks the resumption of ADB aid to the DRC, after a hiatus of five years. In June, the bank approved a mechanism to clear the country's $800 million debt to the institution and the African Development Fund, which represented 60 percent of the DRC's total debt to the bank.
Ogunjobi commended the government's efforts to stabilise the currency and bring inflation under control. He is due to end his five-day visit on Tuesday.
Help make quality journalism about crises possible
The New Humanitarian is an independent, non-profit newsroom founded in 1995. We deliver quality, reliable journalism about crises and big issues impacting the world today. Our reporting on humanitarian aid has uncovered sex scandals, scams, data breaches, corruption, and much more.
Our readers trust us to hold power in the multi-billion-dollar aid sector accountable and to amplify the voices of those impacted by crises. We’re on the ground, reporting from the front lines, to bring you the inside story.
We keep our journalism free – no paywalls – thanks to the support of donors and readers like you who believe we need more independent journalism in the world. Your contribution means we can continue delivering award-winning journalism about crises. Become a member of The New Humanitarian today.
This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions