Strategic Investment in Port of Banana Aims to Transform DRC into a Key African Trading Hub.
British International Investment (BII), the UK’s development finance institution and impact investor, has announced a $35 million investment in the first phase of the Port of Banana, the Democratic Republic of Congo’s (DRC) first deepwater container port. This investment is part of a strategic partnership with DP World aimed at boosting the DRC’s trade capacity and economic development.
Enhancing DRC’s Global Trade Connectivity
The Port of Banana (site), located on the Atlantic coast of the DRC, is set to be a transformative project for the country’s economy. With a draft of 17.5 meters, the port will accommodate large container vessels, making it a critical node in global shipping routes. This capability is expected to reduce the DRC’s trade costs by 12%, providing a significant boost to the country’s trade volume and integration into international markets.
The port is not just a standalone project but is supported by a comprehensive infrastructure network. This includes a free zone and multimodal logistics facilities that will connect the port to major urban centers such as Kinshasa, further enhancing the DRC’s economic output by an estimated $429 million, equivalent to a 0.65% increase in GDP.
Strategic Partnership with DP World
The investment in the Port of Banana marks an extension of BII’s ongoing collaboration with DP World, a global leader in ports and logistics. This partnership began in 2021 with the modernization and expansion of ports in Senegal, Egypt, and Somaliland. In each of these projects, BII has taken a minority stake, demonstrating its commitment to fostering infrastructure development in Africa.
Commenting on the partnership, DP World’s CEO for Sub-Saharan Africa, Mohammed Akoojee, said, “This project is a significant step towards enhancing the DRC’s trade infrastructure, unlocking economic potential, and creating jobs.” The collaboration aims to address the logistical challenges that have long hindered the DRC’s economic growth and to create a more efficient trade environment in the region.
Transforming the DRC into a Major African Trading Hub
UK Minister for Africa, Lord Collins of Highbury, emphasized the broader implications of the investment, noting its potential to reposition the DRC as a major trading hub on the African continent. “This investment from BII will help transform DRC’s economy, establishing the country as a major trading hub on the continent, and providing a significant boost to local sectors from infrastructure, logistics, and green energy,” said Lord Collins.
The DRC, as Africa’s second-largest country by land area and fourth-most populous nation, stands to gain considerably from this development. The creation of approximately 85,000 jobs linked to the port’s operations underscores the project’s potential to significantly impact local communities and the broader economy.
BII’s Commitment to Africa’s Economic Development
Chris Chijiutomi, Managing Director and Head of Africa at BII, highlighted the importance of port infrastructure in Africa’s economic development. He stated, “The Port of Banana will play a major role in supporting the economic aspirations of millions living in DRC. This investment forms part of BII’s ongoing commitment to investing in key sectors in Africa, with further projects under development in the region.”
The investment in the Port of Banana is a clear demonstration of BII’s strategy to drive sustainable economic growth in Africa through critical infrastructure projects. By enhancing the DRC’s trade capabilities, this initiative is set to unlock new opportunities for trade, investment, and regional integration, positioning the country for long-term economic success.
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