British International Investment, the UK’s development finance institution and impact investor, has announced a commitment to invest up to $35 million in the development of the first phase of a new container port in the Democratic Republic of the Congo. This investment marks a significant milestone in enhancing the DRC’s trade capabilities and access to international markets.

The DRC, Africa’s second-largest country by landmass and the fourth most populous on the continent, is poised to benefit from its first deepwater container port, the Port of Banana. The new port will serve as the country’s sole maritime gateway for containerised goods, significantly boosting the DRC’s ability to engage in international trade. By improving the efficiency and capacity of trade, the Port of Banana is expected to unlock substantial economic potential, benefitting millions of people across the DRC.

This investment is an extension of the ongoing partnership between BII and global ports and logistics operator DP World, which began in 2021 with the modernisation and expansion of ports in Dakar (Senegal), Sokhna (Egypt), and Berbera (Somaliland). As with these other projects, BII will be a minority investor in the Port of Banana.

The initial partnership between BII and DP World aims to improve access to vital goods for approximately 35 million people, support 5 million jobs (with the creation of 138,000 new jobs), and contribute an additional $51 billion to total trade by 2035. These ports are also expected to reduce logistics costs, generate employment, and stimulate economic growth across Africa.

The Port of Banana, with a draft of 17.5 metres, will be capable of receiving large container vessels from around the world, making it a crucial hub for the DRC’s imports and exports. The port’s development is anticipated to reduce the cost of trade in the DRC by 12 percent, enabling the creation of approximately 85,000 jobs and generating $1.12 billion in additional trade. This would lead to a $429 million increase in the DRC’s economic outlook, equivalent to a 0.65 percent rise in the country’s GDP, according to an evaluation commissioned by BII.

The port is being developed in multiple phases, with its capacity expected to increase gradually over time. It will be integrated into a broader network of infrastructure, including a free zone and multimodal logistics facilities connecting the port to the country’s largest urban centres, such as Kinshasa. The 578-kilometre Banana-Matadi-Kinshasa trade corridor, home to about 54 million people, will significantly benefit from the new port, providing logistical independence and sovereignty over the DRC’s foreign trade.

The Port of Banana is expected to improve economic welfare for the lowest-earning rural households in the DRC, with about one-third of the new jobs supported by trade through the port anticipated to be in agriculture, benefiting thousands of farmers and sector workers. Additionally, the increased containerised trade in the Western DRC will make essential imported goods, such as clothing, food, and pharmaceuticals, more affordable and accessible.

Lord Collins of Highbury, the UK Minister for Africa, commented on the investment, stating, “This investment from BII will help transform DRC’s economy, establishing the country as a major trading hub on the continent, and providing a significant boost to local sectors from infrastructure, logistics, and green energy.”

Chris Chijiutomi, managing director and head of Africa for BII, emphasised the importance of the project, saying, “The development impact case for investing in ports is irrefutable. Africa has a sixth of the world’s population but accounts for just 4 percent of global containerised shipping volumes. The Port of Banana will play a major role in supporting the economic aspirations of millions living in the DRC. This investment is part of BII’s ongoing commitment to investing in key sectors in Africa, with further projects under development in the region.”

Mohammed Akoojee, CEO of Sub-Saharan Africa for DP World, echoed these sentiments, stating, “We 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’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.”

The development of the Port of Banana is expected to commence later this year, with the goal of significantly enhancing the DRC’s trading capacity and economic growth.

For more information visit www.bii.co.uk