DP World wins 30-year concession for Port of Banana in Democratic Republic of the Congo

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 $350m, will include a 600-metre quay and 25-hectare yard extension with a container capacity of 350,000 teu and 1.5m tonnes for general cargo. Construction is expected to start in 2018 and is expected to take approximately 24 months to complete.

The initial investment of $350m will be spread over 24 months and the total project cost of more than $1bn over four phases will be dependent on market demand for the port, industrial and logistics zone infrastructure. The development gives the Democratic Republic of the Congo 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 neighbouring countries’ ports.

DP World group chairman and ceo Sultan Ahmed Bin Sulayem said: “We are delighted to extend our African footprint further with a major investment in the Democratic Republic of the Congo, which is Africa’s third-most populous country but has no direct deep-sea port. Investment in this deep-water port will have a major impact on the 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.”

He added: “DP World has become a major player in Africa and the Port of Banana will contribute to our global network and continued growth in the developing markets. We are confident that this investment will deliver attractive returns to shareholders over the longer-term and we look forward to bringing DP World’s world class productivity-enhancing, security, safety and environmental best practices in container terminal development and operation to the Democratic Republic of the Congo.”

Jose Makila Sumanda, vice-pm and minister of transport and communications, Democratic Republic of the Congo, said: “We are excited to partner with DP World on this landmark project. The Port of Banana will offer the first deep-water port to the Democratic Republic of the Congo that will dramatically improve the cost and time of trade as the majority of the cargo is still handled by neighbouring countries.”

Sumanda added: “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. The country was waiting for this strategic and structural project for a long time.”

He concluded: “We are confident that with DP World as a partner, we will be able to meet the expectations of our people, traders and exporters to have access to more markets and to bring more efficiency and cost effectiveness to international trade.”