The European Union (EU), through the Global Gateway Initiative, has announced €50 million in investment to boost the Democratic Republic of the Congo’s (DRC) critical minerals sector and various mineral-related infrastructure initiatives.
The investment will be directed towards helping the central African country enhance its geological mapping, urban infrastructure as well as digital education.
The €50 million package represents part of a $300 billion budget announced by the EU aimed at helping African countries boost key infrastructure projects across the energy and productive sectors.
With the demand for critical minerals rapidly expanding – driven by the energy transition and an acceleration in the deployment of technologies such as solar panels, battery energy storage and electric vehicles – the DRC’s untapped critical minerals are set to play a crucial role in global supply chains.
With significant quantities of lithium, manganese, rare earth and cobalt reserves – the DRC holds approximately 50% of global cobalt reserves – the International Monetary Fund forecasts the country’s gross domestic product growth to reach 6.7% in 2023 from 6.1% in 2021, backed by the vast investment opportunities for global firms across the country’s mining sector.