DP World wins 30 - year concession for Greenfield Port of Banana in the Democratic Republic of the Congo
DP World 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 company announces in its press release.
The Port of Banana will be the first deep - sea port in the country along its small coastline of 37 kilometres, which currently only has the riverine port of Matadi. 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 - metre 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 a pproximately 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.
The development gives the Democratic Republic of the Congo the opportunity to be connected into global trade lanes, to have access to a wide range of global markets and to reduce its dependency on the neighbouring countries’ ports.
