{"id":80468,"date":"2024-08-20T00:00:00","date_gmt":"2024-08-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/20\/uk-commits-usd-35-mn-to-congos-first-deep-sea-container-port-with-dp-world\/"},"modified":"2024-08-20T00:00:00","modified_gmt":"2024-08-20T00:00:00","slug":"uk-commits-usd-35-mn-to-congos-first-deep-sea-container-port-with-dp-world","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/20\/uk-commits-usd-35-mn-to-congos-first-deep-sea-container-port-with-dp-world\/","title":{"rendered":"UK commits USD 35 mn to Congo\u2019s first deep-sea container port with DP World"},"content":{"rendered":"

BII to invest in <\/strong>DRC\u2019s first deep-sea container port alongside DP World: <\/strong>The UK government\u2019s development finance arm, British International Investment (BII), will commit up to USD 35 mn to build the first phase of the Democratic Republic of Congo\u2019s first deep-sea container port with Dubai-based port operator DP World, according to a statement<\/a> yesterday. The partnership will see BII become a minority investor in the port, the statement read. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background as well as external sources.)<\/p>\n

What we know: <\/strong>The Port of Banana will have a draft of 17.5 meters and will be able to accommodate large container vessels. It will serve as a gateway for DRC\u2019s imports and exports. The port is expected to cut the cost of trade in DRC by 12% and create up to 85k jobs. The project also looks to line up c. USD 1.12 bn in additional trade and USD 429 mn in increased economic output annually. Construction of the port kicked off in 2022<\/strong>, according to a DP World release<\/a> at the time.<\/p>\n

And more: <\/strong>The port\u2019s capacity is expected to increase as it continues DP World builds out new phases. It will be connected to a freezone as well as multimodal logistics infrastructure to DRC\u2019s urban centers, including Kinshasa through the cities of Boma and Matadi. The increased container trade in Western Congo is expected to make essential imported goods \u2014 including clothing, textile, food, pharma, and consumer products \u2014 more affordable.<\/p>\n

What\u2019s not clear: <\/strong>How large a stake BII will take or when DP World can draw down the funds.<\/p>\n

BACKGROUND- <\/strong>The port operator inked a collaboration agreement<\/a> with the government of DRC in December 2021 to develop the project which is set to boost the second-largest African country\u2019s access to international markets and globally supply chains.<\/p>\n

What they said: <\/strong>\u201cThis investment from BII will help transform DRC\u2019s 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,\u201d UK Minister for Africa Lord Collins of Highbury was quoted as saying in the BII statement.<\/p>\n

An expanding partnership: <\/strong>BII and DP World have worked to modernize and expand ports in Dakar, Senegal<\/a>, Sokhna, Egypt<\/a>, and Berbera, Somaliland<\/a>. The three ports will improve access to vital goods for c. 35 mn people and allow an additional USD 51 bn to total trade by 2035, according to the statement.<\/p>\n

It\u2019s part of DP World\u2019s Africa strategy: <\/strong>DP World said earlier this year<\/a> that it plans to invest USD 3 bn in new port infrastructure in Africa over the next three to five years. The logistics giant is considering investments in the partial privatization of South African rail, port, and pipeline company Transnet, and the port of Lamu in Kenya, where there is also a privatization process underway. DP World broke ground<\/a> on a new 18k ton edible oil terminal at Berbera Port last year, which will allow Berbera to service 16 meter draught ships and handle shipments of bulk edible oil. <\/p>\n","protected":false},"excerpt":{"rendered":"

The project is set to turn DRC into a major trading hub in Africa<\/p>\n","protected":false},"author":1,"featured_media":80469,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[38],"tags":[366,23,37,32],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ports","tag-british-international-investment-bii","tag-dp-world","tag-ports","tag-trade","wpautop","entry"],"acf":{"mongo_id":"1af52543-af14-4e90-83b4-eb9ea5ed226d","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1751.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UK 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