Market-watchers may detect just a hint of arrogance when a country not yet six months out of civil war starts eyeing the markets. Even more so when the country's new leaders have consistently directed their vitriol at powerful governments and organizations such as the US, the UN, the IMF and the World Bank. But Laurent Kabila, president of the new Democratic Republic of Congo (DRC), has been dropping some heavy hints of late.
Congo is looking for $2.5 billion, $1 billion from overseas, to rebuild its roads within the next three years. But it won't be easy. Congo, once the rich man of Africa, stopped paying arrears late last year on debts totalling more than $14 billion. Kabila is known to dislike foreign government involvement. He blames the west for collaborating with the late Mobutu Sese Seko, president of what was previously Zaire, in draining the country's coffers. Although the government may be able to secure cash advances on mineral resources, experts say mining projects will not generate this level of income until communications have been rebuilt. "For the moment I don't think a bond issue by the DRC would be a great hit in the markets.