Following an agreement on amendments to an initial contract with the Democratic Republic of Congo (DR Congo), DP World is poised to start development of a new deep sea port at Banana.
According to a statement, a term sheet summarising the amendments 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 Banana Port. The amendments were signed in Kinshasa by Guylain Nyembo Mbwizya, chief of staff to the Head of State and Suhail Al Banna, CEO and MD of DP World, Middle East and Africa region.
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 port will be the DRC’s first deep sea port along its 37km coastline on the Atlantic Ocean, the statement noted.
“This signature materialises the promise of His Excellency the President of the Republic to make the construction of the deep-water port of Banana one of the priorities of his mandate. And, he wished for a contract that takes into account the interests of the Democratic Republic of the Congo, which is now the case,” said André Wameso, deputy chief of staff to the Head of State.
The development of Banana Port is expected to take two years and is expected to bring significant cost and time savings to the country’s trade, as it will attract more direct calls from larger vessels from Asia and Europe, and will boost not only the growth the country’s economy, but also the region, the statement noted.
Suhail AlBanna, CEO and MD of DP World, Middle East and Africa region remarked, “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.”