DEMOCRATIC REPUBLIC OF CONGO Law and Practice Contributed by: Salvatrice Bahindwa, Concorde Akonkwa and David Djunga, LegalterLaw
and loan formalisation procedures but also makes available various public financing instruments. Private enterprises and investors primarily rely on banking sources due to the immaturity of financial markets. Commercial banks offer credit facilities, overdraft arrangements and loans to businesses, fre - quently secured against assets. However, elevated interest rates (up to 15–25% owing to inflation) and stringent collateral requirements restrict access, par - ticularly for small and medium-sized enterprises. Major enterprises in the mining sector occasionally benefit from syndicated financing arrangements with international banks. They also obtain capital via invest - ment funds, loans from the World Bank, the Interna - tional Monetary Fund or the African Development Bank. Alternative capital markets, such as crowdfunding platforms, are non-existent in the DRC. 5.2 Securities Regulation The Democratic Republic of Congo adopted a draft law on stock markets on 21 April 2025. This legislation introduces several key structures, notably the estab - lishment of a securities and commodities exchange to facilitate the trading of financial securities and com - modities, and the implementation of a financial markets regulatory authority as an independent body responsi - ble for supervising and regulating financial activities. In addition to these new regulations applicable to companies or natural persons seeking to raise capital from the public, the provisions of the OHADA Uniform Act on Companies shall apply concurrently. 5.3 Investment Funds The adopted draft law on stock markets introduces an initial legal framework for Undertakings for Col - lective Investment in Transferable Securities (UCITS), enabling the establishment of Common Investment Funds (CIFs) and Open-Ended Investment Companies (OEICs). The latter constitute public limited compa - nies with a board of directors managing a portfolio of securities and deposits, offering flexible entry and exit for investors with capital fluctuation according to subscriptions and redemptions, whilst CIFs are co-
ownerships without legal personality, administered by management companies on behalf of unit-holders. The draft legislation mandates compulsory authorisa - tion from the Regulatory Authority for any collective vehicle, alongside the appointment of an authorised management company, a depositary and an auditor, and requires a Key Investor Information Document detailing objectives, strategy, charges and risks. Future implementing regulations shall specify permit - ted strategies, investment limitations, unit valuation frequency and reporting obligations. It should furthermore be noted that on 15 August 2025, the Congolese government adopted a draft decree establishing the Strategic Investment Fund of the Democratic Republic of Congo (SIF-DRC), which shall have as its principal mandates the mobilisation and structuring of innovative financing (beyond tradi - tional loans and assistance) to accelerate the national development strategy, investment in strategic sectors such as infrastructure, energy, technology, agriculture, real estate and industry, and the enhancement of state assets whilst promoting partnerships with private or institutional investors, both domestic and foreign. 6. Antitrust/Competition 6.1 Applicable Regulator and Process Overview The merger control regime is constituted on the one hand by local regulations and on the other by regional regulations. National Level At the national level, there is Organic Law No 18/020 of 9 July 2018 concerning pricing freedom and com - petition (the “Competition Act”). Any proposed economic concentration (mergers, acquisitions, joint ventures, etc) requires authorisation from the minister responsible for the economy, follow - ing prior consultation with the minister of the relevant sector, within a period of 60 days from receipt of the technical opinion of the Competition Commission. This period may be extended to 90 days if necessary, such as for investigations abroad or cases of force majeure.
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