Dubai-based global logistics company DP World is set to begin the development of the deep seaport at Banana following an agreement on amendments to the initial contract between the company and the Government of the Democratic Republic of the Congo (DRC).
According to the company statement, “A term sheet summarizing the amendments to the contract, follows part of a review by the parties of some of the existing contractual document clauses signed in March 2018, when DP World was awarded the 30-year concession to develop and manage the Banana Port.”
The amendments aimed to readjust the different obligations of the two parties under the project in order to better support President Félix Tshisekedi’s vision of developing the country’s trade and logistics sector. The port will be the DRC’s first deep sea port along its 37km coastline on the Atlantic Ocean.
The development of the Banana Port, which is expected to take two years, will result in significant cost and time savings for the country’s trade by attracting more direct calls from larger vessels from Asia and Europe, boosting not only the country’s but also the region’s growth.
“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.”
“This signature materializes the promise of the President of the Republic to make the construction of the deep-water port of Banana one of the priorities of his mandate. And, he wished for a contract that takes into account the interests of the Democratic Republic of the Congo, which is now the case,” commented Mr. André Wameso, Deputy Chief of Staff to the Head of State in charge of economic and financial matters, DRC.