By Obiabin Onukwugha
Rwanda and the Democratic Republic of Congo, has signed a framework to attract billions of dollars of Western investment to both countries, which are rich in tantalum, gold, cobalt, copper, and lithium, it was gathered.
The framework is part of the peace deal between the two countries to end conflicts that have claimed several lives and impacted economic activities.
Reuters reports that the 17-page framework comes after the countries signed a peace deal in Washington in June at the talks brokered by U.S. President, Donald Trump.
With the framework, both countries will commit to working with third parties, including the U.S., to revamp their mineral supply chains and develop reforms.
In the outline agreed in August, Rwanda and Congo affirmed that each country has “full, sovereign control” over the exploitation, processing, and export of its natural resources and recognized the importance of developing mineral processing and transformation capacity within each country.
The two countries also committed to ensuring that the minerals trade no longer provides funding to armed groups and to create a world-class industrial mining sector in the region, as well as to ensure better cross-border interoperability on mineral supply chains.
According to the draft, the parties would pledge to work with the United States and other international partners to develop additional regulatory initiatives and reforms “necessary to de-risk private sector investment in a cost-effective manner,” to reduce illicit trade and increase transparency.
They would also adopt outside transparency mechanisms, including committing to implement guidance from the Organisation for Economic Co-operation and Development, among others.
The draft framework also calls for third-party inspections of mine sites and working with private sector partners to develop cross-border special economic zones, according to the draft.
The framework further sets out coordination mechanisms, including timelines for an annual high-level summit on regional economic integration and meetings of a steering committee and technical working groups.
They would also adopt outside transparency mechanisms, including committing to implement guidance from the Organisation for Economic Co-operation and Development, among others.
Kinshasa and Kigali, as part of the deal reached in Washington in June, had agreed to launch the regional economic integration framework within 90 days.
In that agreement, the parties pledged to implement a 2024 deal that would see Rwandan troops withdraw from eastern Congo within 90 days.
