A new report by the World Bank highlights that the Republic of Congo could reduce poverty in rural areas by 40% and in urban areas by 20% by 2050 by implementing more ambitious reforms to promote economic diversification and climate resilience.
The time for energy transition has come in Congo. The authorities of this Central African country recently inaugurated the Renewable Energy Research Centre. Comprising offices and accommodation for Congolese and other African researchers, the facility covers an area of 10 000 square metres in the town of Oyo, 400 kilometres from Brazzaville.
India had extended three Lines of Credit (LoCs) worth USD 214.90 million to the ROC for rural electrification, the development of transportation systems, and the construction of cement plants.
Economic diversification away from oil is crucial for reversing recent economic setbacks in the Republic of Congo and put the country on a pathway to long-term prosperity, says the World Bank in its latest Country Economic Memorandum report on the country. The report highlights the urgency of diversification actions.