# DRC Raises $1.25 Billion in Historic Eurobond Debut, Signaling Renewed Investor Confidence
*April 14, 2026 — Finance / Africa*
The Democratic Republic of Congo has successfully raised $1.25 billion in its debut eurobond issue — the first time the country has accessed global capital markets in a currency other than its own, and the first eurobond debut by any African country since 2019. The transaction, structured in two tranches, was oversubscribed by more than four times, attracting over $5.2 billion in orders from more than 110 investors globally.
The 5-year tranche, maturing in 2032, carries a yield of 8.75 percent. The 10-year tranche, maturing in 2037, is priced at 9.5 percent. The bonds are expected to be listed on the London Stock Exchange. The deal was led by Rawbank and Citigroup as joint global coordinators, with Standard Chartered Bank joining as joint bookrunner.
## A Vote of Confidence in Congo’s Direction
DRC’s Minister of Finance Doudou Likunde welcomed the issuance as a milestone in the country’s national financing strategy. “The international market entry is an important step in our national financing strategy,” he said. “While concessional financing remains central, we are diversifying our funding sources. The proceeds from the Eurobond issuance will be allocated to priority investments in infrastructure, energy and social development in line with the national development strategy.”
Likunde was clear-eyed about the instrument’s significance. “Our ambition is to become a regular sovereign issuer and this transaction lays the foundation for the country’s continued access to international financial markets,” he said — while pledging that the government would maintain debt sustainability in line with its IMF programme.
The eurobond comes alongside a $2.76 billion IMF financing arrangement approved in January 2025, comprising an extended credit facility and a resilience and sustainability facility. A second review completed in December 2025 allowed a disbursement of $442 million. The IMF noted at the time that the Congolese authorities had met all but one performance criterion, despite the persistent armed conflict in the eastern part of the country.
## Growth Forecasts Hold Despite Eastern Conflict
The IMF currently forecasts the DRC economy to grow at 5.3 percent this year — a projection that, given the security pressures in the east, reflects a degree of resilience that has surprised some analysts. The conflict with Rwanda-backed M23 militia in the eastern provinces continues to strain public finances, but the broader economy has proved more durable than many had anticipated when the IMF programme was negotiated.
In January, ratings agency S&P Global revised its outlook on DRC to positive from stable, affirming the country’s ‘B-/B’ sovereign credit ratings for both foreign and local currency debt. The agency cited expectations of continued progress on tax administration, improving fiscal outcomes, and the anchoring effect of the IMF programme.
## What the Oversubscription Signals
For Mustafa Rawji, chief executive officer of DRC-based Rawbank, the deal’s significance extends well beyond the headline figure. “What matters most is the signal this sends: fundamentals are improving, economic visibility is strengthening, and investors are responding,” he said.
The DRC has historically been a difficult market for international bond investors, in part because of governance concerns, limited transparency around state-owned enterprises, and the perennial risk of political disruption. That the deal attracted four-times oversubscription from more than 110 investors suggests that the combination of IMF anchoring, improving fiscal discipline, and Congo’s extraordinary resource base — it holds vast deposits of cobalt, copper, diamonds and coltan — has begun to change perceptions in global credit markets.
The transaction is not without risks. Eurobonds typically carry higher interest costs than concessional lending from development banks, and the DRC’s debt burden will grow as a result. But for a country that has spent decades effectively locked out of international capital markets, the debut issue represents something real: a door opening, and the beginning of a relationship with global investors that, if managed carefully, could fund the infrastructure the country desperately needs.