British International Investment (BII) has agreed to invest up to $35 million in the first phase of the new container port in the Democratic Republic of the Congo (DRC).
The Port of Banana, the country’s first deepwater cargo port, is part of a cooperation between BII and DP World which began in 2021 with the modernisation and expansion of ports in Dakar (Senegal), Sokhna (Egypt), and Berbera (Somaliland).
As with the other ports in the partnership, BII will own a minority stake in the new port.
By 2035, the three ports under the original collaboration agreement between BII and DP World are expected to improve access to critical items for approximately 35 million people, support 5 million jobs (including 138,000 new ones), and boost total commerce by $51 billion.
They will also reduce logistical costs, generate employment, enhance people’s lives, and stimulate economic progress in these regions and across the continent.
With a depth of 17.5 metres, the Port of Banana will accommodate huge container boats from all over the world, serving as the DRC’s sole gateway for container imports and exports.
These savings are predicted to reduce the cost of commerce in the country by 12 per cent.
According to a BII-commissioned report, its development will result in the creation of roughly 85,000 employment, approximately $1.12 billion in new commerce, and $429 million in improved economic outlook, or a 0.65 per cent rise in the DRC’s GDP.
As DRC’s only port for containerised cargo, Banana Port is slated to boost logistical independence and trade sovereignty.
BII estimates it will create significant agricultural jobs, benefitting farmers and workers. The increased trade will also make essential imports like clothing, food, and medications more affordable and accessible.
Chris Chijiutomi, Managing Director and Head of Africa for BII, said: “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 wellbeing of countless people across the continent. The Port of Banana will play a major role in supporting the economic aspirations of millions living in DRC.”
Mohammed Akoojee, CEO of Sub-Saharan Africa for DP World, stated: “This project is a significant step towards enhancing the DRC’s trade infrastructure, unlocking economic potential, and creating jobs.
“By reducing trade costs and improving access to global markets, we aim to support the DRC’s growth and prosperity. We look forward to the positive impact this development will have on the region and its people.”
Recently, CMA CGM announced plans to expand its coverage in DR Congo by adding to the present feeder system.