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British International Investment (BII), the development finance institution of the UK government, is investing up to $35 million alongside Dubai-based port operator DP World in developing a container port in the Democratic Republic of the Congo.
Work on enhancing the Port of Banana into Congo's first deepwater container port follows similar partnerships between BII and DP World, beginning with the modernisation and expansion of ports in Dakar (Senegal), Sokhna (Egypt) and Berbera (Somaliland). As with the other ports in the partnership, the BII will be a minority investor in the new port.
The Port of Banana is expected to become the single gateway container trade in Congo, cutting cost of trade by 12%, according to a joint statement by the investors on Monday.
DP World plans to invest $3 billion in the next three to five years in building new port infrastructure across Africa, according to a Bloomberg report earlier this year.
(Writing by Brinda Darasha; editing by Seban Scaria)
