Port operator DP World has won a 30-year concession for the management and development of a multi-purpose port project in the Democratic Republic of Congo (DRC).
DP World will set up joint venture with the Central African country’s government to manage and invest in the Atlantic Coast’s Port of Banana. DP World will hold 70% equity interest in the joint venture.
The company will make an initial investment of $350m, which will be spread over 24 months. The total project cost will be over $1bn, spread over four phases.
The project will include a 600m quay and 25 hectare yard extension with a container capacity of 350,000 teu and 1.5m tonnes for general cargo.
Construction is expected to commece in 2018 and is expected to take around 24 months to complete.
“DP World has become a major player in Africa and the Port of Banana will contribute to our global network and continued growth in the developing markets. We are confident that this investment will deliver attractive returns to shareholders over the longer-term and we look forward to bringing DP World’s world-class productivity-enhancing, security, safety and environmental best practices in container terminal development and operation to the Democratic Republic of the Congo,” said Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World.