DRC joins MOWCA Maritime Bank support group

The SG expressed his gratitude to the DRC government for its commitment to the success of MOWCA and commended what he described as a positive zeal in promoting the blue economy.

By Uzor Odigbo

The Democratic Republic of Congo (DRC) has signed the charter supporting the creation of the Regional Maritime Development Bank (RMDB) promoted by the Maritime Organization of West and Central Africa (MOWCA) and has expressed its interest to acquire shares in the fledgling financial institution.

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

Adalikwu added that the charter requires the endorsement of a minimum of eight member states and that recent developments raise hopes that more countries will pledge to support the institution.

The current Chairman of the MOWCA Council of Ministers and Minister of Transport of Ghana, Mr. Kwaku Ofori Asiamah, also assured that his country was ready to sign the charter and take a position in the financial institution.

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

He added that the Nigerian government, through its Federal Ministry of Transport, is working to secure the head office for the start of operations.

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The SG expressed his gratitude to the DRC government for its commitment to the success of MOWCA and commended what he described as a positive zeal in promoting the blue economy.

Congolese Minister of Transport, Ways and Communication, Cherubin Okende-Senga, who signed on behalf of his country, further broadened countries’ support for the fledgling financial institution aimed at promoting maritime trade and investment in the sub-region.

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

During the presentation of the document, Mr. Ngoyi assured that the DRC was ready and willing to take its place and buy the subscription shares allocated to his country.

The position of chairman and managing director of the bank has been awarded to Nigeria while Cameroon and Côte d’Ivoire are each to provide a vice-chairman.

The institution aims to provide single-digit interest rate loans and facilities to key players in member states to acquire and improve their maritime assets and infrastructure.

The countries that have signed so far are Nigeria, Togo, Ivory Coast, Guinea Conakry, Burkina Faso, Cameroon, Congo (Brazzaville), Central African Republic (CAR) and Democratic Republic of Congo ground floor

Virginia S. Braud