The Democratic Republic of Congo's government has made reviving the Caisse générale d'épargne du Congo (CADECO) a top economic priority. On November 13, Prime Minister Judith Suminwa Tuluka convened a meeting in Kinshasa with several government officials and CADECO leaders to discuss strategies for its recovery. The goal is to restore the historic bank's role in mobilizing national savings and financing economic activities, particularly for underserved populations and small entrepreneurs.
The meeting focused on CADECO's financial equilibrium, including certified debts owed by the state, estimated at nearly $30 million. Participants explored possible solutions for gradual repayment through a payment schedule. Suminwa guided discussions toward finding a suitable financial solution while respecting the legal prerogatives of concerned institutions. Competent services from the Ministries of Finance and Portfolio, as well as CADECO and the Fonds de promotion de l'industrie (FPI), were tasked with continuing consultations and submitting proposals to the government.
Prime Minister Suminwa emphasized the importance of financial inclusion as a strategic priority. She stated that without it, achieving desired improvements would be challenging. This ambition aligns with the government's 2024-2028 program, which aims to enhance financial inclusion as a lever for creating jobs and protecting household purchasing power. CADECO could play a strategic role in financing the national economy, particularly in productive sectors and community development.
CADECO's Director-General, Célestin Mukeba Muntuabu, reported progress since taking office a year ago, including taking care of employees and rehabilitating the institution's headquarters, which is 90% complete. He highlighted the bank's historical contribution to financing the Inga dam and its initial vocation to support major national projects. With government support, CADECO's activities are expected to expand nationwide.
The Fonds de promotion de l'industrie (FPI) will contribute to CADECO's revival without resorting to a simple subsidy. FPI Director-General Hervé Claude Ntumba Batukonke announced an alternative approach, dubbed a "third way" of financial support. This approach aims to enable FPI to assist CADECO while respecting its missions and attributions. Technical sessions will continue to specify the contours of this device and the financial instruments that can meet CADECO's needs.
Founded in 1950, CADECO holds a special place in DR Congo's financial history, having participated in financing the construction of the Inga dam. Its revival requires addressing several challenges, including consolidating its financial situation, modernizing services, strengthening governance, and expanding its network nationwide. The meeting chaired by Judith Suminwa marks a new stage in the search for a sustainable recovery model.
The revival of CADECO aligns with President Félix-Antoine Tshisekedi's economic ambitions, focusing on transforming the national economy and creating jobs. The bank's recovery is expected to enhance financial inclusion, support small operators, and stimulate local production. With a strengthened role for CADECO, the government aims to promote economic growth and reduce inequalities in access to financial services.
Key points
- DR Congo's Prime Minister Judith Suminwa leads efforts to revive CADECO, a historic bank aimed at promoting financial inclusion and economic growth.
- CADECO's revival requires addressing challenges such as consolidating its financial situation, modernizing services, and expanding its network nationwide.
- The bank's recovery aligns with President Félix-Antoine Tshisekedi's economic ambitions, focusing on transforming the national economy and creating jobs.
