Global credit ratings agency S&P raised the Democratic Republic of Congo’s outlook to positive from stable, citing its fiscal performance and rising exports.
The revision represents a reprieve for the war-wracked nation, which has been the subject of renewed interest from Chinese and US mining firms seeking control of the country’s vast resources. The DRC holds some of the world’s biggest metal deposits, including of cobalt, a key component in the lithium-ion batteries that power EVs.
S&P’s decision comes shortly after the International Monetary Fund approved a new $440 million financing facility for the country, though IMF officials warned of commodity price fluctuations, as well as of the risk of a renewed conflict with Rwanda-backed rebels.
