DRC Joins MOWCA Maritime Bank Support Group

Mr. Kalenga Ngoyi, Director Legal DRC presenting the signed Charter for establishing the RMDB to MOWCA SG Dr. Paul Adalikwu

The SG expressed appreciation to the DRC government for it’s commitment to the success of MOWCA and commended what he described as positive zeal in the promotion of blue economy

Democratic Republic of Congo (DRC) has signed the charter supporting the establishment of Regional Maritime Development Bank (RMDB) being promoted by the Maritime Organisation of West and Central Africa (MOWCA) and indicated interest to acquire shares in the budding financial institution.

Dr. Paul Adalikwu, (MOWCA) Secretary General, who confirmed the development said the recent endorsement by the Central African country, brings the number of member states endorsements to 9.

Adalikwu added that the charter requires a minimum of eight member states endorsements and the recent development raises hope of more countries signing up to support the institution.

The current Chairman of MOWCA’s Council of Ministers and Transport Minister of Ghana, Mr. Kwaku Ofori Asiamah has also assured of his country’s readiness to sign the charter and take its position in the financial institution.

Dr. Adalikwu reassured that plans are on course for the establishment and launching of the financial institution in Abuja, the Nigerian capital soon.

He added that the Nigerian Government through it’s Federal Ministry of Transportation is working on securing the corporate office for commencement of it’s activities.

The SG expressed appreciation to the DRC government for it’s commitment to the success of MOWCA and commended what he described as positive zeal in the promotion of blue economy.

DRC’s Minister of Transport, Ways and Communication, Cherubin Okende-Senga, who signed on behalf of his country has further expanded countries support for the budding financial institution aimed at promoting maritime trade and investments in the sub region.

The signed Charter was presented to the MOWCA SG in Abidjan by the Director of Legal Services in the Transport Ministry of DRC Mr. Andre Kalenga Ngoyi.

While presenting the document Mr. Ngoyi assured of DRCs preparedness and readiness to take up its place and buy the shares subscription allotted to his country.

The position of President/CEO of the bank has been alloted to Nigeria while Cameroon and Côte d’Ivoire are to provide one Vice President each.

The institution is aimed at providing single digit interest loans and facilities to member states key players to acquire and improve their maritime assets and infrastructure.

Countries that have signed so far are Nigeria,Togo, Côté d’ Ivoire,Guinea Conakry, Burkina Faso, Cameroon, Congo (Brazzaville), Central Africa Republic (CAR) and Democratic Republic of Congo DRC.

August 18, 2022