Multi-purpose facility to serve as the first deep-water port in the country’s short coastline
DP World has won a 30-year concession with an option of a further 20-year extension for the management and development of a greenfield multi-purpose port project at Banana, Democratic Republic of the Congo (DRC). The Port of Banana will be the first deep-sea port in the country along its small coastline of 37 kilometres, which currently only has the riverine port of Matadi.
DP World will set up a joint venture with 70% control, and the government of DRC holding a 30% share, to manage and invest in the Port of Banana. The first phase of the greenfield project, with an estimated initial investment of US$ 350 million, will include a 600-metre quay and 25-hectare yard extension with a container capacity of 350,000 TEU (twenty-foot equivalent units) and 1.5 million tons for general cargo. Construction is expected to start in 2018 and is expected to take approximately 24 months to complete.
The initial investment of $350 million will be spread over 24 months and the total project cost of more than US$ 1bn over four phases will be dependent on market demand for the port, industrial and logistics zone infrastructure. The development gives the African nation the opportunity to be connected into global trade lanes, to have access to a wide range of global markets and to reduce its dependency on the ports of neighbouring countries.
The agreement was signed in Dubai by Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World and Jose Makila Sumanda, the visiting Vice Prime Minister and Minister of Transport and Communications, Democratic Republic of the Congo.
“Investment in this deep-water port will have a major impact on Africa’s third most populous country’s trade with significant cost and time savings, attracting more direct calls from larger vessels from Asia and Europe, and ultimately acting as a catalyst for the growth of the country and the region’s economy,” affirmed Bin Sulayem.
“The project will provide us with a first-class marine facility comparable to other African countries in terms of capacity, draft and ability to handle the latest generation of vessels,” asserted Sumanda.
