Britain Invests $35 Million in the DRC's First Modern Seaport
UK development finance institution British International Investment is taking a $35 million stake in DP World's new container port in the Democratic Republic of Congo, helping to bring modern logistics to one of the world's least-developed countries. According to BII, the port complex will lead to the creation of 85,000 jobs and about $430 million in new economic output, a major boost for a country with a GDP of $65 billion.
DP World is building the DRC's first deep-sea port at the town of Banana, a small settlement near the mouth of the Congo River. The country's narrow coastline is about 25 miles long from border to border, and Banana has the only sheltered harbor in the country. It has a small terminal for fishing vessels, but DP World wants to transform it into something new. The plan calls for a new 600 meter quay with 18 meters of depth, capable of accommodating the largest boxships in service today.
“This investment from BII will help transform DRC’s economy, establishing the country as a major trading hub on the continent, and providing a significant boost to local sectors from infrastructure, logistics and green energy," said UK Minister for Africa Lord Collins of Highbury.
The concession agreement gives DP World Banana Port a "single window gateway" process for all containerized freight transported into the DRC by sea, including a single electronic interface for customs clearance. The war-torn nation ranks 162nd out of 180 on the Corruption Perceptions Index, and a single window will foster transparency and procedural standardization. The convenience of a "one-stop-shop" will also help expedite cargo movement across the pier, according to DP World. Overall, the efficiencies of the modern single-window port will cut the cost of trade in the DRC by 12 percent, BII estimates.
DP World has previously partnered with BII on port investments in Senegal, Egypt and Somaliland. According to BII, these projects will lower logistics costs, stimulate growth, add more than $50 billion to global trade volume, and enable the creation of about 140,000 new jobs.
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