As part of the Global Gateway Initiative, the European Union (EU) has declared an investment of €50 million to develop the Democratic Republic of the Congo’s (DRC) critical minerals sector and mineral-related infrastructure projects. The EU will provide funding to assist the DRC in enhancing its geological mapping, urban infrastructure, and digital education.
This €50 million investment is part of a larger $300 billion budget announced by the EU to support African nations in enhancing key infrastructure projects related to energy and productive sectors. As the demand for critical minerals such as lithium, manganese, rare earth, and cobalt is increasing, the DRC’s untapped critical minerals are expected to play a significant role in global supply chains.
The DRC has significant reserves of cobalt, holding approximately 50% of global reserves, which along with other minerals, will boost the country’s gross domestic product growth. The International Monetary Fund predicts that the DRC’s GDP will grow by 6.7% in 2023, up from 6.1% in 2021, with significant investment opportunities for global firms in the mining sector.
