African countries need large and efficient modern ports if they are to grow their economies, says a report, as the Democratic Republic of the Congo announces plans for a new development.
The Democratic Republic of the Congo (DRC) has awarded DP World the contract to develop its first deep water port at the Port of Banana, as a new PwC report has revealed the importance of port development to unlocking Africa’s economic potential.
Announced on 25 March, Dubai state-owned DP World has won a 30-year concession, with an option for a 20-year extension. The fourth largest port operator on the planet, the company will own 70% of the joint venture company which will handle the project, with the DRC government owning the remaining 30%.
The port will take two years to construct. An initial investment of USD 350 million will be part of an eventual USD 1 billion to be spent on the project, which will have the capacity for 350,000 containers and 1.5 million tonnes of general cargo.
DRC’s two current main ports, Matadi and Boma are shallow water ports, limited by the depth of the Congo river, where they are sited. For deep water cargo, DRC relies on its neighbour, the Republic of the Congo.
DP World was formed by a 2005 merger between Dubai Ports Authority and Dubai Ports International. Its chairman and chief executive, Sultan Ahmed Bin Sulayem, said in a statement: “Investment in this deep-water port will have a major impact on the country’s trade with significant cost and time savings, attracting more direct calls from larger vessels from Asia and Europe, and ultimately acting as a catalyst for the growth of the country and the region’s economy.”