Dubai-headquartered terminal operator DP World has amended its 30-year port concession deal with the Democratic Republic of Congo (DRC) as part of the project to develop the country’s first deepsea port at Banana.
A term sheet has been signed, summarising the amendments to the contract, following a review of some of the existing contractual document clauses signed in March 2018, DP World said.
According to DP World, the objective of the amendments was to better support president Félix Tshisekedi scheme to develop the DRC’s trade and logistic sector.
The development of the Banana Port, which is expected to take two years, should attract more direct calls from larger vessels from Asia and Europe.
Suhail AlBanna, of DP World, Middle East and Africa region, said: “The signing of the term sheet is a key milestone in the partnership between DP World and the government of the DRC in moving forward with the project and the firm desire of DP World to be part of the president’s vision that will give the country strong, efficient and affordable access to international markets that will enhance its export capabilities.”
DP World landed the concession deal in 2018 and expected to start the construction the same year, with an initial investment plan of $350m over 2 years.