Founded on 9 January 1970 under the name Société Congolaise de Financement du Développement (SOCOFIDE), this institution was renamed Société Financière de Développement (SOFIDE) in 1971.
This Congo's only development bank was set up with the task of promoting productive investment by furnishing medium and long term finance funds in various form to private enterprise and, with certain limits, to mixed company. The bulk of the bank's loans went to medium and large industrial firms. Its capital was in hands partly of the state, and partly in those of the International Finance Corporation (an offshore of the International Bank of Reconstruction and Development) the Central bank and private interests at home and abroad. 
Banca Commerciale Italiana acquired 0.47% of the bank's shares at the time of its founding.