DP World is ready to start the development of the deep sea port at Banana in the Congo Central province of the Democratic Republic of the Congo, following agreement on amendments to the initial contract between the company and the government of the country.
The port will be the DRC's first deep sea port along its 37km coastline on the Atlantic Ocean, on Africa's west coast. The development of the Banana Port, which is expected to take two years, will bring significant cost and time savings for the country's trade, according to an announcement, as it will attract more direct calls from larger vessels from Asia and Europe, and will boost the economy of both the country and the region.
A term sheet, which was signed in Kinshasa by Guylain Nyembo Mbwizya, chief of staff to the head of state, and Suhail Al Banna, CEO and managing director of DP World, Middle East and Africa region, 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 objective of the amendments was to readjust the different obligations of the two parties under the project, to better support the vision of president Félix Tshisekedi, to develop the country's trade and logistic sector.
"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," commented Suhail AlBanna.
