DR Congo signs new deals with DP World for banana deep seaport project
In 2018, the DRC signed an agreement with DP World to build a deep seaport. With the agreement having expired, new agreements were signed between the Emirati company and Kinshasa.
DR Congo’s government reached a deal with Dubai-based multinational logistics company DP World for the construction of a deepwater port at Banana. The related documents were signed last December 11 by the representatives of both partners in Kinshasa.
The construction of this port ($1.3 billion) is scheduled to start in Q1 2022 with Work expected to last two years. The project will first focus on the construction of a 600m quay and a 25-hectare storage area. The objective is to increase the country’s logistics capacity and support economic growth.
The deep-sea agreement was first initialed in March 2018 and then renewed for 18 months after expiring in March 2020. On May 5, the government decided to renegotiate the terms of the agreement to “rebalance the benefits and advantages of each stakeholder.” Thirty-four new clauses and sub-clauses were renegotiated.
As a reminder, after her recent visit to the DRC, IMF Managing Director Kristalina Georgieva hailed the Congolese government on its economic performance. The DRC’s economic growth is expected to reach 5.4% this year, and 6.4% in 2022.