British development finance institution British International Investment (BII) has committed to invest up to $35 million with global ports and logistics operator DP World to build the first deepwater container port in the Democratic Republic of Congo (DRC). As announced in an official statement, this deal is an extension of the partnership between DP World and BII, which began in 2021 with the modernization and expansion of ports in Dakar (Senegal), Sokhna (Egypt) and Berbera (Somaliland).
The statement also mentioned that BII will be a minority investor in the new port, as with the other ports in the partnership. The three ports under the original agreement between BII and DP World will improve access to essential goods for around 35 million people, safeguard five million jobs and enable the creation of 138,000 new jobs. The partnership will also enable an additional US$51 billion in total trade by 2035. In addition, it will reduce logistics costs, create jobs, change lives and boost economic growth in these markets and across the continent.
This investment by BII will play a crucial role as the Democratic Republic of Congo is the second largest country in Africa and the fourth most populous country on the continent. As the country’s deepwater container port, the Port of Banana will improve the DRC’s direct access to international markets and unlock the country’s international trade potential for the benefit of millions of its people.
The Port of Banana will have a draft of 17.5m, allowing it to accommodate large container ships from all over the world and serve as the main hub for container imports and exports in the country. This development is expected to reduce trade costs in the DRC by 12%. The project will also create about 85,000 jobs and is expected to contribute about US$1.12 billion in additional trade turnover and US$429 million to the country’s economic output, representing a 0.65% increase in the DRC’s GDP.
“The port will be developed in several phases and its capacity is expected to increase gradually over time,” the official statement continued. It will be connected to an infrastructure network that includes a free trade zone and multimodal logistics facilities, connecting urban centers such as Kinshasa, Boma and Matadi. This will benefit the 578 km Banana-Matadi-Kinshasa trade corridor, which is home to around 54 million people.
The construction of a new port in the country is expected to strengthen the country’s logistical independence and sovereignty in foreign trade. This project is expected to have a significant positive impact on the economic well-being of low-income rural households in the DRC through job creation, particularly in the agricultural sector. In addition, the increase in container trade is expected to make key imports in the west of the DRC more affordable and shippable in containers.
In an official statement, UK Africa Minister Ray Collins said: “This investment by BII will help transform the economy of the Democratic Republic of Congo, making the country a major commercial hub on the continent and providing a significant boost to local sectors such as infrastructure, logistics and green energy.”
“Today’s announcement is an excellent example of the UK-DRC partnership in practice. Together we are working to increase trade opportunities and drive sustainable economic growth that creates full and productive jobs for many people,” added Collins.
Chris Chijiutomi, Managing Director and Head of Africa at BII, said: “The pro-development case for investing in ports is irrefutable. Africa has one sixth of the world’s population but only 4% of global container transport volumes. Ports are vital to the long-term prosperity and well-being of countless people across the continent. Banana Port will play a vital role in supporting the economic aspirations of millions of people in the Democratic Republic of Congo. This investment is part of BII’s ongoing commitment to invest in key sectors in Africa, with more projects in the region under development.”
Mohammed Akoojee, CEO for Sub-Saharan Africa at DP World, said: “We are delighted to continue our partnership with British International Investment in the development of the Port of Banana. This project is an important step in improving 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 growth and prosperity of the DRC. We look forward to the positive impact this development will have on the region and its people.”
