British International Investment Pledges $35 Million With DP World For Congo’s Premier Deepwater Port

British International Investment (BII), the UK's development finance institution, has pledged up to $35 million for the first phase of a new container port in the Democratic Republic of the Congo (DRC). This port, named the Port of Banana, will be the DRC's first deepwater container port. It aims to enhance the country's direct access to international markets, unlocking significant trading potential for millions.

This investment extends BII's partnership with global ports and logistics operator DP World. The collaboration began in 2021 with the modernisation and expansion of ports in Dakar (Senegal), Sokhna (Egypt), and Berbera (Somaliland). Similar to these projects, BII will be a minority investor in the Port of Banana.

The original partnership between BII and DP World aims to improve access to essential goods for around 35 million people. It is expected to support 5 million jobs, create 138,000 new ones, and add $51 billion to total trade by 2035. These efforts will reduce logistics costs, generate employment, and stimulate economic growth across various African markets.

The Port of Banana will have a draft of 17.5 meters, allowing it to accommodate large container vessels globally. This development is projected to cut trade costs in the DRC by 12%. According to an evaluation commissioned by BII, it will create approximately 85,000 jobs and generate $1.12 billion in additional trade. This translates to a $429 million increase in economic outlook or a 0.65% rise in the DRC's GDP.

The port will be developed in multiple phases, gradually increasing its capacity over time. It will connect to a network of infrastructure, including a free zone and multimodal logistics facilities linking Kinshasa and other major urban centres via Boma and Matadi. The Banana-Matadi-Kinshasa trade corridor spans 578 km and serves about 54 million people who stand to benefit economically from this project.

Benefits for Local Communities

As the sole maritime gateway for containerised goods transported by sea in the DRC, the Port of Banana will provide logistical independence and ensure sovereignty over foreign trade. The port is expected to significantly improve economic welfare for low-income rural households. Approximately one-third of new jobs supported by trade through the port are anticipated to be in agriculture, benefiting thousands of farmers and sector workers.

Increased containerised trade in Western DRC will also make essential imported goods like clothing, textiles, food, pharmaceuticals, and consumer products more affordable and accessible.

Chris Chijiutomi, Managing Director and Head of Africa for BII, stated: "The development impact case for investing in ports is irrefutable. Africa has a sixth of the world’s population but accounts for just 4 per cent 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."

Mohammed Akoojee, CEO of Sub-Saharan Africa for 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."

The Port of Banana represents a crucial step towards improving international market access for DRC's economy while fostering job creation and economic growth within local communities.

With inputs from WAM