UK Invests $35 Million To Develop DRC’s First Deep Water Container Port

The UK’s development finance institution, British International Investment (BII), is investing up to $35 million in the construction of the Democratic Republic of the Congo’s (DRC) first deepwater container port.

The initiative is part of a collaboration with the global port operator DP World that began with upgrading ports in Egypt, Senegal, and Somaliland.

The new port located in Banana will extensively increase the DRC’s economic potential by offering direct access to international markets and serving as the sole maritime gateway for all containerized imports and exports.

According to a BII-commissioned report, the infrastructure is expected to reduce trade costs in the DRC by 12%, resulting in a 0.65% increase in the country’s GDP.

The port’s development will have an essential socio-economic impact. The project is expected to create around 85,000 jobs, generate $1.12 billion in additional trade, and enhance economic output by $429 million annually.

The Port of Banana will play a crucial role in improving rural households’ economic well-being. Agriculture will contribute one-third of the new jobs created, benefiting thousands of farmers and sector workers.

BII’s commitment to the Port of Banana expands on its previous partnership with DP World, which has modernized ports in Dakar, Sokhna, and Berbera.

These ports are expected to improve access to essential goods for approximately 35 million people, create 5 million jobs, and facilitate an additional $51 billion in overall trade throughout the continent by 2035.

The Port of Banana, with a draft of 17.5 meters, will accommodate large container vessels from all over the world. It will be developed in phases, and its capacity is expected to increase over time.

The port will be connected to a multimodal logistics infrastructure, including a free zone and a commerce corridor connecting it to Kinshasa, the DRC’s capital, via Boma and Matadi. The corridor, home to around 54 million people, is expected to benefit economically from the new port.

In addition to economic growth, the port will strengthen the DRC’s logistical independence, ensuring sovereignty over foreign trade and making essential imported goods such as food, medicines, and consumer products more affordable and easily accessible in Western DRC.

Lord Collins of Highbury, the UK Minister for Africa, praised the investment, stating that it will help grow DRC’s economy, establish the country as a major trading hub on the continent, and provide a significant boost to local sectors such as green energy, infrastructure, and logistics.

Chris Chijiutomi, BII’s Managing Director and Head of Africa, highlighted the importance of ports in Africa’s economic development, pointing out that despite having one-sixth of the world’s population, Africa contributes only 4% of worldwide containerized shipping traffic and that the Port of Banana will play a major role in supporting the economic ambitions of millions living in DRC.

In addition, Mohammed Akoojee, DP World’s CEO of Sub-Saharan Africa, expressed optimism about extending its partnership with BII, stating that the project is an essential step toward improving the DRC’s trade infrastructure, unleashing economic potential, and generating jobs.

The Port of Banana is expected to be a game changer for the Democratic Republic of the Congo, transforming millions of people’s lives.

Reference: BII

UK Invests $35 Million To Develop DRC’s First Deep Water Container Port appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News