Dubai-based port developer DP World has won a 30-year concession with an option of a 20-year extension to manage and develop a multi-purpose port project at Banana, in the Democratic Republic of the Congo (DRC).
Banana will be the first deep-sea port in the country along its small coastline of 37 kilometres.
Under the deal, DP World will have a 70 per cent share and the DRC government hold a 30 per cent share.
DP World Chief Executive Sultan Ahmed Bin Sulayem said the US$350 million first phase of the greenfield project will include a 600-metre quay and 25-hectare yard extension with a container capacity of 350,000TEU and 1.5 million tonnes for general cargo.
The construction will take 24 months to complete.
The total project will cost more than US$1 billion over four phases and will be dependent on market demand for the port, industrial and logistics zone infrastructure.
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