London (Union)
DP World said British International Investments, the UK’s development finance institution and major investor, has committed to investing around $35 million to develop the first phase of the new Banana Port, the Democratic Republic of Congo’s first deep-water container port.
DP World said in a press release today that this investment in Banana Port comes in light of the partnership with British International Investment, which began modernizing and expanding ports in Dakar (Senegal), Sokhna (Egypt) and Berbera (Somaliland) in 2021. In addition to a number of other ports included in this partnership, British International Investment, the investor, will have a minority stake in the new port.
The three ports, under the original partnership agreement between British International Investment Corporation (BIIC) and DP World, will improve access to vital goods for around 35 million people, support 5 million jobs and create 138,000 new jobs, in addition to providing $51 billion to total trade by 2035.
The Banana Container Port will boost the Republic of Congo’s international trade and provide it with direct access to international markets, benefiting millions of its people.
The port is being developed in several phases, with its capacity gradually increasing and will be linked to an additional infrastructure network, including a free zone and multi-modal logistics infrastructure in the country’s largest cities, including the Congolese capital Kinshasa, with a population of about 17 million, via the cities of Boma and Matadi.
“The huge development impact of investment in ports is clear and evident. While Africa accounts for a sixth of the world’s population, it only accounts for 4 per cent of global container shipping volumes,” said Chris Chijiutomi, Managing Director and Head of Africa at BI. “Ports are the lifeblood of long-term prosperity for millions of people across the continent, and this investment is part of BI’s ongoing commitment to developing key sectors in Africa, with more projects in the pipeline in the region.”
“We look forward to continuing our partnership with British International Investments in the development of Banana Port. This project is a critical step towards strengthening the trade infrastructure in the Democratic Republic of the Congo, driving the national economy and creating new jobs,” said Mohammed Akuji, CEO of DP World Sub-Saharan Africa.
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