DUBAI: Dubai based port developer DP World has won a 30-year concession with an option of a further 20-year extension for the management and development of a greenfield multi-purpose port project at Banana, Democratic Republic of the Congo (DRC).
The Port of Banana will be the first deep-sea port in the country along its small coastline of 37 kilometres, which currently only has the riverine port of Matadi.
Under the deal, DP World plans to set up a joint venture with 70 pct control with the government of DRC holding a 30 pct share, to manage and invest in the port.
The first phase of the greenfield project, with an estimated initial investment of USD 350 million, will include a 600-metre quay and 25-hectare yard extension with a container capacity of 350,000 TEU and 1.5 million tonnes for general cargo, DP World said.
The construction is expected to start in 2018 and will take approximately 24 months to complete.
The initial investment of USD 350 million will be spread over 24 months and the total project cost of more than USD 1 billion over four phases will be dependent on market demand for the port, industrial and logistics zone infrastructure, DP World said.
The development gives the Democratic Republic of the Congo the opportunity to reduce its dependency on the neighbouring countries’ ports.
As explained, for DP World, the investment in Congo is part of the company’s push to enlarge its footprint in Africa and promises to deliver attractive returns to shareholders over the longer-term.
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