Logistics provider DP World and the Government of the Democratic Republic of Congo (DRC) have signed the collaboration agreement for the development of the deep-sea port at Banana.
The agreement comes after the signing of a term sheet earlier this year between DP World and the DRC Government, which summarized the agreed amendments to the initial contract signed in 2018.
This final agreement now allows DP World to begin construction within 12 months of the DRC’s first deep-sea port, which will be located at Banana along the country’s 37-kilometre coastline on the Atlantic Ocean.
Dubai-based DP World intends to develop an initial 600-metre quay with an 18-metre draft, capable of handling the largest vessels in operation. It will have a container handling capacity of about 450,000 TEUs per year, and a 30-hectare yard to store containers. The port will also feature the latest technology and equipment.
The parties expect the Banana Port to bring significant cost and time savings for the country’s trade and attract more direct calls from larger vessels from Asia and Europe.
It will also directly benefit the Kongo Central province in terms of economic development, as the port will attract foreign direct investment to the surrounding area, and stimulate local trade and the economy.
Félix-Antoine Tshisekedi , president of the DRC, said: “This port will transform the DRC into a trade hub in the region, and in particular, will benefit Kongo Central, a province which already has a port facility, with the creation of jobs, in addition to generating economic benefits and growth for our country”.
“This agreement represents the vision of His Excellency, president Tshisekedi, and DP World, to provide the DRC with a modern, world-class port and logistics infrastructure to support the tremendous opportunities for trade in this country. The port will enhance the country’s export capabilities and give it affordable access to international markets”, added Sultan Ahmed bin Sulayem , Group chairman and CEO of DP World.