A UK government foreign investment institution, British International Investment (BII) has agreed to support the Port of Banana in the Democratic Republic of Congo (DRC) along with Emirati ports and logistics company DP World.
BII will invest $35m in the development of the area, which will become the first deep-water container port but DP World will lead the partnership and project management.
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DRC is Africa’s second-largest country and the fourth most populous, with more than 100 million.
BII and DP World have worked in partnership to develop several other ports in Africa: Dakar (Senegal), Sokhna (Egypt) and Berbera (Somaliland).
“Unlocking trading potential is a key driver of economic growth in African economies,” the partners said in a press statement.
The Port of Banana is currently an underdeveloped dock and yard at the mouth of the Congo River on the DRC’s very limited Atlantic coast. The majority of the country is landlocked, so the avenue between its borders with Angola and the Republic of Congo (Congo-Brazzaville) is a vital trading link.
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By GlobalDataThe new 17.5-metre draft port will become the country’s single gateway for container imports and exports, and the BII-DP World partnership said it could cut trade costs in the country by 12%, and add more than one billion dollars to the nation’s economy.
Increased containerised trade into DRC should make essential imported goods like clothing, textiles, food, and pharmaceuticals cheaper and more accessible.
But that goal will not come at top speed, the partners warned. The port will be developed in gradual stages, which will include new multi-modal links to the capital Kinshasa (nearly 600km inland) via Boma and Matadi.
However, the size of DRC poses a challenge to spreading the wealth created by the increased trade. Kisangani, a regional capital and important city on the Congo river is nearly 3,000km away from Banana by road.
Chris Chijiutomi, managing director at BII, said the development of container ports in sub-Saharan Africa was long overdue.
“The development impact case for investing in ports is irrefutable. Africa has a sixth of the world’s population but accounts for just 4% 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.”
“This investment forms part of BII’s ongoing commitment to investing in key sectors in Africa, with further projects under development in the region,” Chijiutomi said.
Mohammed Akoojee, CEO for Sub-Saharan Africa at DP World added: “We are excited to continue our partnership with British International Investment in developing the Port of Banana. 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.”
