DP World Invests in Port of Banana
DP World, the world’s fourth largest port operator, has won a 30-year concession with an option of a further 20-year extension for the management and development of a greenfield multi-purpose port project at Banana, Democratic Republic of the Congo (DRC).
The Port of Banana will be the first deep-sea port in the country along its small coastline of 37 kilometers, which currently only has the riverine port of Matadi.
According to the official announcement, DP World will set up a joint venture with 70% control, and the government of DRC holding a 30% share, to manage and invest in the Port of Banana.
The first phase of the greenfield project, with an estimated initial investment of $350 million, will include a 600-meter quay and 25-hectare yard extension with a container capacity of 350,000 TEU (twenty-foot equivalent units) and 1.5 million tonnes for general cargo.
Construction is expected to start in 2018 and is expected to take approximately 24 months to complete.
The initial investment of $350 million will be spread over 24 months and the total project cost of more than $1 billion over four phases will be dependent on market demand for the port, industrial and logistics zone infrastructure, DP World said.