UK international investment allocates USD35M to develop first seaport deep in Congo
Date
8/20/2024 9:29:13 AM
(MENAFN) DP World announced today that British International Investments (BII), the UK's development finance institution and a major investor, will invest approximately USD35 million to kickstart the first phase of the Banana port project in the Democratic Republic of Congo. This deep-sea container port will be the nation's inaugural port of its kind, marking a significant milestone in enhancing the country's trade infrastructure. The investment is part of a broader partnership with BII, which has previously collaborated with DP World on modernizing and expanding ports in Dakar, Senegal; Sokhna, Egypt; and Berbera, Somaliland, since 2021.
The partnership agreement between British International Investment Corporation (BIIC) and DP World includes plans to develop three key ports, aimed at improving access to essential goods for around 35 million people, supporting 5 million jobs, and generating 138,000 new employment opportunities by 2035. Additionally, the ports are expected to contribute USD51 billion to total trade. The Banana Container Port will play a crucial role in enhancing the Democratic Republic of Congo's international trade capabilities, offering direct access to global markets and benefiting millions of Congolese citizens.
The development of Banana Port will proceed in multiple phases, progressively increasing its capacity. The port will be integrated into a broader infrastructure network, including a free zone and multi-modal logistics connections to major cities such as Kinshasa, Boma, and Matadi. Chris Chijiutomi, Managing Director and Head of Africa at BII, emphasized the transformative impact of port investments on Africa, highlighting that despite the continent's substantial population, it represents only a small fraction of global container shipping volumes. This investment underscores BII's commitment to advancing critical sectors in Africa and anticipates further projects in the region.
MENAFN20082024000045015682ID1108580323
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.