DP World and the UK's development finance arm British International Investment (BII) will extend their partnership with the development of the first phase of a new container port in the Democratic Republic of Congo (DRC) as the Dubai-based ports operator expands its presence in Africa.
The BII has committed to invest up to $35 million into the DRC's Port of Banana, the country's first deepwater container port, making it a minority investor, it said on Monday.
The new port development is expected to create about 85,000 jobs, cut the cost of trade in DRC by 12 per cent and enable $1.12 billion in additional trade, according to the government agency.
“The development impact case for investing in ports is irrefutable. Africa has a sixth of the world’s population, but accounts for just 4 per cent of global containerised shipping volumes. Ports are vital to the long-term prosperity and well-being of countless people across the continent,” Chris Chijiutomi, managing director and head of Africa for BII, said.
“The Port of Banana will play a major role in supporting the economic aspirations of millions living in DRC.”
The project is an extension of similar partnerships that BII and DP World have in Somaliland, Egypt and Senegal with the expansion of ports in the African countries in 2021.
The three ports under the original partnership agreement between BII and DP World will improve access to vital goods for about 35 million people, support five million jobs (allowing the creation of 138,000) and facilitate an additional $51 billion to total trade by 2035, according to the statement. Additionally, they will reduce logistics costs and stimulate economic growth across these markets and the continent.
The port project in DRC will be the country's first deep-sea port, along the country’s 37-kilometre coastline on the Atlantic Ocean.
The project will involve a 600-metre quay with an 18-metre draft, capable of handling the largest vessels in operation. DP World plans to have a container handling capacity of about 450,000 units.
“This project is a significant step towards enhancing the DRC's trade infrastructure, unlocking economic potential, and creating jobs,” Mohammed Akoojee, chief executive of sub-Saharan Africa for DP World, said.