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Equity Group has re-capitalised its Democratic Republic of Congo (DRC) subsidiary, Equity BCDC with $100 million (Sh11.5 billion), to leverage investment opportunities especially in the mining and manufacturing sectors.

The announcement was made by Equity Group chief executive and managing director James Mwangi at a dinner hosted for the DRC President Felix Tshisekedi to celebrate the signing of the accession treaty after admission into the East African Community (EAC) and in furtherance of the Kenya-DRC Trade relations.

Re-capitalisation deal

The re-capitalisation comes on the back of a trade mission organised by the lender and Kenya Government for over 2000 investors, who toured the Central Africa country to scout for investment and business opportunities in January this year.

Mwangi said a total of 26 Kenyan companies have committed trade investments worth $1.6 billion (Sh 146 billion) in the DRC. Close to 253 investors, entrepreneurs and business representatives attended the mission.

“Some of these firms include Kenya Builders & Concrete Co. Ltd that is looking to set up a cement company and Tru Foods Limited looking to set up an edible oil manufacturing plant,” Mwangi said. 

Mwangi told the DRC delegates that among the 26 companies who have made their commitments, some will require the DRC’s government support and made a plea for them to be assisted in conducting feasibility studies.

During the occasion, Tshisekedi announced a raft of measures by his government to support investors in DRC including protection of investment, a conducive investment climate consisting of legal and security of investment, improvement of the tax systems to allow flow of goods in and out of DRC and access to loans for economic cooperators.

Tshisekedi said a government agency had also been created in charge of improving the business climate to link the institutions to improve both local and foreign investments.

Cabinet Secretary, Ministry of Industrialization, Trade and Enterprise Development Betty Maina was also in attendance.