UK鈥檚 development finance institution British International Investment (BII) is investing in the Democratic Republic of the Congo鈥檚 first deepwater container port.
BII said it has committed up to $35m (鈧�31.7m) alongside DP World towards the development of the first phase of The Port of Banana in the second-largest country in Africa.
BII鈥檚 commitment to the Port of Banana builds on its existing partnership on the continent with global ports and logistics operator DP World. This collaboration, initiated in 2021 with port modernisation and expansion projects in Dakar in Senegal, Sokhna in Egypt and Berbera in Somaliland, will see BII as a minority investor in this new venture as well.
Chris Chijiutomi, managing director and head of Africa for BII, said: 鈥淭he development impact case for investing in ports is irrefutable. Africa has a sixth of the world鈥檚 population, but accounts for just 4% of global containerised shipping volumes. Ports are vital to the long-term prosperity and wellbeing of countless people across the continent.
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鈥檚 ongoing commitment to investing in key sectors in Africa, with further projects under development in the region.鈥�
Mohammed Akoojee, CEO of Sub-Saharan Africa for DP World, said: 鈥淲e are excited to continue our partnership with British International Investment in developing the Port of Banana. This project is a significant step towards enhancing the DRC鈥檚 trade infrastructure, unlocking economic potential, and creating jobs.
鈥淏y reducing trade costs and improving access to global markets, we aim to support the DRC鈥檚 growth and prosperity.鈥�
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