by Lloyd's List

19 August (Lloyd's List) - UK STATE investment fund British International Investment will pour $35m into the first phase of a new container port in the Democratic Republic of Congo.

The port of Banana will be DRC’s first deepwater container port and is expected to create 85,000 jobs and $1.1bn in additional trade annually once it is completed.

With a draught of 17.5 m, BII said the port will be able to berth the very biggest containerships and will add $429m of additional economic output annually.

The investment is the latest in a partnership between BII and DP World, which has developed ports at Dakar in Senegal, Sokhna in Egypt and Berbera, Somalia.

 Managing director and head of Africa at BII Chris Chijiutomi, said the case for investing in ports was “irrefutable”.

“Africa has a sixth of the world’s population, but accounts for just 4% of global containerised shipping volumes,” he said.

“Ports are vital to the long-term prosperity and well-being 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’s ongoing commitment to investing in key sectors in Africa, with further projects under development in the region.”

DP World chief executive of sub-Saharan Africa Mohammed Akoojee said the project was a “significant step towards enhancing the DRC’s trade infrastructure, unlocking economic potential, and creating jobs”.

“By reducing trade costs and improving access to global markets, we aim to support the DRC’s growth and prosperity. We look forward to the positive impact this development will have on the region and its people.”