The UK’s development finance institution funds the new project alongside logistics company DP World. The port will become the single gateway for container imports and exports in the DRC.
British International Investment (BII) has committed up to $35m (€31.7m) alongside global ports and logistics operator DP World towards the development of the first deepwater container port in the Democratic Republic of the Congo (DRC).
The investment from BII and DP World will enable the first phase of growth of the Port of Banana, located where the Congo River meets the Atlantic Ocean, which will create a trade route that is a key driver of economic growth.
The port will serve as the single maritime gateway for all containerised imports and exports in the DRC.
Chris Chijiutomi, managing director and head of Africa for BII, said: “The development impact case for investing in ports is irrefutable. Africa has a sixth of the world’s population, but accounts for just 4% of global containerised shipping volumes.
“Ports are vital to the long-term prosperity and wellbeing of countless people across the continent. The Port of Banana will play a major role in supporting the economic aspirations of millions living in DRC. This investment forms part of BII’s ongoing commitment to investing in key sectors in Africa, with further projects under development in the region,” Chijiutomi added.
BII said it estimates that this development will cut the cost of trade in DRC by 12% while creating approximately 85,000 jobs, $1.12bn in additional trade, and $429m in increased economic outlook.
The partnership between BII and DP World first commenced with the expansion of ports in Dakar in Senegal, Sokhna in Egypt and Berbera in Somaliland in 2021, and will see BII becoming a minority investor in the new port.
Trading hub
The three ports under the original partnership agreement between BII and DP World will also improve access to vital goods for approximately 35 million people and will enable an additional $51bn to total trade by 2035, while creating 138,000 new jobs, according to BII and DP World.
Speaking of the investment, the UK Minister for Africa, Lord Collins of Highbury, said: “This investment from BII will help transform DRC’s economy, establishing the country as a major trading hub on the continent and providing a significant boost to local sectors from infrastructure, logistics, and green energy.
“Today’s announcement is a brilliant example of the UK-DRC partnership in action, working together to increase trade opportunities and drive sustainable economic growth that creates full and productive employment for many,” he added.
Source: Impact Investor
