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Banks shut, futures uncertain one year after M23 rebels seized DRCs Goma

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Banks seek refuge in home loans, Mortgage lender Housing Development Finance Corp Ltd (HDFC)
Banks seek refuge in home loans, Mortgage lender Housing Development Finance Corp Ltd (HDFC)

Banks shut, futures uncertain one year after M23 rebels seized DRCs Goma

**Goma at One Year Mark: Lingering Scars of M23 Occupation**

GOMA, Democratic Republic of Congo – One year after the swift advance of the M23 rebel group led to the occupation of Goma, the provincial capital of North Kivu, the city grapples with the enduring consequences of the conflict. While the immediate threat of rebel control has receded, the economic and social fabric of Goma remains profoundly impacted, leaving many residents struggling to rebuild their livelihoods and facing an uncertain future.

The M23’s lightning offensive in November 2022, which saw the rebel forces seize control of Goma with relative ease, sent shockwaves across the region and the international community. The occupation, though ultimately short-lived as M23 forces withdrew under international pressure, inflicted significant damage on the city’s infrastructure and its vital economic activities. Banks, a cornerstone of any urban economy, remain largely shuttered, a stark visual reminder of the disruption. This absence of financial institutions has severely hampered trade, investment, and the ability of individuals and businesses to conduct essential transactions. The ripple effect is palpable, with many small businesses unable to access capital, expand operations, or even maintain their current levels of activity.

For the ordinary citizens of Goma, the past year has been a period of profound hardship. The disruption to commerce and the general instability have led to widespread unemployment and underemployment. Many who relied on the city’s bustling markets and trade routes have found their avenues for income drastically curtailed. The informal economy, a lifeline for a significant portion of the population, has been particularly vulnerable. The lack of consistent economic activity has also exacerbated existing humanitarian challenges, including food insecurity and limited access to essential services.

The withdrawal of M23 forces, while welcomed, did not signal a complete return to normalcy. The underlying political and security grievances that fueled the M23 insurgency continue to cast a long shadow over North Kivu. The presence of armed groups, albeit with varying degrees of influence, remains a persistent concern, deterring investment and fostering an environment of apprehension. This ongoing insecurity complicates efforts to revitalize the economy and restore confidence among residents and potential investors alike.

Furthermore, the psychological toll of the occupation and the persistent insecurity cannot be overstated. Residents of Goma have endured periods of fear and uncertainty, witnessing firsthand the fragility of peace. The rebuilding process is not merely about restoring infrastructure or economic activity; it also involves healing a community that has experienced trauma and displacement.

As Goma marks this somber anniversary, the path forward remains fraught with challenges. The international community’s engagement, while crucial in de-escalating the immediate crisis, must now pivot towards sustained support for long-term recovery and development. Addressing the root causes of the conflict, fostering inclusive governance, and investing in sustainable economic opportunities are paramount. Without these concerted efforts, the scars of the M23 occupation risk becoming permanent fixtures in the lives of Goma’s resilient, yet beleaguered, population, leaving their future perpetually uncertain.


This article was created based on information from various sources and rewritten for clarity and originality.

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