The Democratic Republic of Congo is preparing a return to international capital markets with a planned $1.5 billion Eurobond, a move officials say could mark a turning point for the country’s financial standing.
The proposed issuance would be Congo’s first large-scale international bond and comes as authorities seek to capitalise on improved fiscal discipline under an IMF-supported programme, despite ongoing security challenges in the country’s east.
The finance ministry has described the planned bond as “manageable”, signalling caution after a failed attempt in 2015 that severely dented investor confidence.
Markets are now closely watching whether Kinshasa can balance rising security and social spending with sustained investment in infrastructure needed for long-term growth.
According to government data, Congo’s public debt stands at 18.49% of gross domestic product, far below the sub-Saharan African average of 59% and well under the 70% ceiling applied in the CEMAC zone. Officials argue this low debt burden strengthens the investment case.
Lessons from a failed past
The last Eurobond attempt, a decade ago, collapsed amid weak preparation and poor market reception. This time, authorities insist conditions are different.
“This time, the government appears to be leaving no stone unturned to make sure it succeeds. The ministry of finance plans to assemble a consortium including an international bank, a local bank, and a specialised law firm to oversee this operation,” said Jules Kayembe, a research assistant at the University of Kinshasa’s faculty of economics and management.
Kayembe said Congo’s debt metrics compared favourably with peers. “We have one of the lowest debt-to-GDP ratios, which should make our country attractive to investors.
However, the unending conflicts in the eastern part of the country kept turning people off, but I believe the Eurobond in preparation was inspired by the IMF’s recent assessment,” he told Allen Dreyfus.
In December 2025, the IMF Executive Board approved the second review of Congo’s Extended Credit Facility and the first review of its Resilience and Sustainability Facility, unlocking an immediate $442 million disbursement.
Ratings agency Moody’s last year affirmed Congo’s “B3 with a stable outlook” rating, classifying it among high-risk issuers. While noting the country’s vulnerability to market shocks, Moody’s also highlighted its fiscal flexibility due to low debt levels.
“I am not very sure if Moody’s rating would turn investors away, because the metrics show an impressive fiscal improvement. The conflict in the east is also subsiding following the Washington peace deal.
So, I strongly believe this Eurobond will not suffer the same fate as the previous one in 2015,” Kayembe said.
“And if it succeeds, the ministry would carry out similar operations across 2026, both regional and international,” he added.
The finance ministry said the bond would serve not only as a financing tool but also as a test of Congo’s credibility with global investors. Economic growth eased to 6% in 2025 from 7.5% a year earlier, underlining the stakes for a successful market return.
