A Collaboration Agreement for the development of the deep-sea port at Banana is signed between DP World, the logistics company based in Dubai, and the Government of the Democratic Republic of the Congo (DRC), said reports.
The agreement was signed in Kinshasa in the presence of Félix-Antoine Tshisekedi, President of the DRC, and Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, local news reported.
The Collaboration Agreement follows the signing of a term sheet earlier this year between DP World and the DRC Government, which summarized the agreed amendments to the initial contract signed in 2018, said sources.
The reports said that the agreement enables DP World to begin construction within 12 months of the DRC’s first deep-sea port, which will be located at Banana along the country’s 37km coastline on the Atlantic Ocean.
The development of the Banana Port is likely to bring cost and time savings for the country’s trade, as it will attract more direct calls from larger vessels from Asia and Europe, said sources.
The pact will help Kongo Central province in terms of economic development, as the port will attract foreign direct investment, and stimulate local trade and the economy.
Tshisekedi said, “This port will transform the DRC into a trade hub in the region”.
Kongo Central will be benefited from the creation of jobs, in addition to generating economic benefits and growth for our country, said Tshisekedi.
Khalifa Shaheen Al Marar, Minister of State, said, “Development of the port project is a part of many initiatives for the UAE to build trade and economic bridges between the UAE and Africa.”
Sultan Ahmed bin Sulayem said, “This agreement represents the vision of President Tshisekedi, and DP World, to provide the DRC with a modern, better port and logistics infrastructure to support the opportunities for trade in it.
DP World will develop an initial 600-meter quay with an 18m draft, capable of handling the largest vessels in operation, and the port will feature the latest technology and equipment, as per the sources.