DRC signs MOWCA maritime bank charter

Democratic Republic of Congo (DRC) has signed the charter for the establishment of the Regional Maritime Development Bank (RMDB) being promoted by the Maritime Organisation of West and Central Africa (MOWCA) and indicated an interest in acquiring equity in the proposed financial institution.

The MOWCA Secretary General, Dr. Paul Adalikwu, who confirmed the development, said the endorsement by the Central African country brought the number of endorsements received so far to nine.

Countries that had signed are Nigeria, Togo, Côte d’Ivoire, Guinea Conakry, Burkina Faso, Cameroon, Congo (Brazzaville), and Central Africa Republic (CAR).

The position of President/Chief Executive Officer of the bank has been ceded to Nigeria, while Cameroon and Côte d’Ivoire are to provide vice presidents.

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

He said plans are on course 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 Transportation is working on securing the corporate office for the commencement of activities.

The SG expressed appreciation to the DRC government for its commitment to the success of MOWCA and commended what he described as positive zeal in the promotion of the blue economy
The DRC’s Minister of Transport, Ways and Communication, Cherubin Okende-Senga, who signed on behalf of his country, stated the country’s support for the budding financial institution aimed at promoting maritime trade and investments in the sub-region.

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

While presenting the document, Ngoyi assured DRC’s preparedness and readiness to take up its place and buy the shares subscription allotted to the country.

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