DR Congo’s Financial Center: A Turkish Triumph

People in Kinshasa, the capital of the Democratic Republic of Congo (DRC), are amazed. A Turkish company has quickly built a large financial center.

Before, Chinese firms usually led such big projects. Even street vendors and security staff can’t believe the pace. They say it’s faster than previous Chinese efforts.

In February 2022, Turkey’s President, Recep Tayyip Erdogan, visited Congo. This visit was part of Turkey’s growing interest in Africa.

Erdogan signed several deals with Congo during his stay. These agreements focused on areas like security, defense, and infrastructure.

One major project was the Finance Center, located near a Turkish school in the business area of Kinshasa.

Before the project, the site was just an unremarkable square. Now, it has changed dramatically.

Concrete towers are rising, soon to be covered in glass. Two towers will house Congo’s Ministries of Finance and Budget.

Additionally, the complex will offer a convention center, offices, and a big hotel.

Milvest, a Turkish firm, is in charge of the project. It employs about 3,000 people. Among them, 1,800 are from Congo and 1,200 are Turkish.

The estimated cost stands at $290 million. Milvest pre-financed this amount. They are also investing an extra $60 million in the hotel.

The company plans to open the Finance Center on December 2.

This date is important because Congo will hold elections soon after, where current President Félix Tshisekedi aims for reelection.

Revamping Airport

But Turkey’s work in Congo is not limited to just this project. Milvest is also negotiating other deals.

They are looking to revamp and expand Kinshasa’s airport. Before, a Chinese company had this contract but did not complete it.

Moreover, Milvest is planning a cable car system for congested parts of the city. Residents are curious about this development.

For context, Congo has been politically unstable but rich in natural resources. Chinese firms have played a big role in Congo’s infrastructure for years.

Yet, public opinion on Chinese involvement is mixed. Now, Turkey is stepping in. This move fits into Turkey’s wider plans to strengthen ties with African nations.

So far, locals have welcomed the quick work by Turkish companies. What this means for Congo’s future relations and development is still an open question.