UK’s BII Invests $35M in DR Congo’s First Deepwater Port

UK’s BII Invests $35M in DR Congo’s First Deepwater Port

The UK’s development finance institution, British International Investment (BII), has announced a $35 million (€31.7 million) investment in the Democratic Republic of the Congo’s first deepwater container port. The investment is part of the initial phase of the Port of Banana project, located in Africa’s second-largest country.

BII’s involvement in the Port of Banana builds on its ongoing collaboration with global ports and logistics operator DP World, a partnership that began in 2021. The two organizations have previously worked together on port modernization and expansion projects in Dakar, Senegal; Sokhna, Egypt; and Berbera, Somaliland. In this latest venture, BII will act as a minority investor alongside DP World.

Chris Chijiutomi, Managing Director and Head of Africa for BII, emphasized the critical role ports play in Africa’s economic development, stating, “The development impact case for investing in ports is irrefutable. Africa has a sixth of the world’s population but accounts for just 4% of global containerized shipping volumes. Ports are vital to the long-term prosperity and wellbeing 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.”

Mohammed Akoojee, CEO of Sub-Saharan Africa for DP World, expressed excitement about the continued partnership with BII, stating, “We are thrilled to further our collaboration 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 Port of Banana is expected to significantly boost trade in the DRC, facilitating better access to global markets and contributing to the nation’s economic growth.