The signing of the term sheet is a key milestone in the partnership between DP World and the Government of the DRC.
Suhail Al Banna, CEO and Managing Director – Middle East and Africa at DP Worl
DP World, a leading global provider of end-to-end logistics solutions, is set to start the development of the deep sea port at Banana, following agreement on amendments to the initial contract between the company and the Government of the Democratic Republic of the Congo.
A term sheet summarizing the amendments to the contract, which was signed in Kinshasa by Guylain Nyembo Mbwizya, Chief of Staff to the Head of State, and Suhail Al Banna, CEO and Managing Director of DP World, Middle East and Africa region, 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 the Banana Port.
The objective of the amendments was to readjust the different obligations of the two parties under the project, to better support the vision of His Excellency, 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 development of the Banana Port, which is expected to take two years, will bring significant cost and time savings for 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.
André Wameso, Deputy Chief of Staff to the Head of State in charge of economic and financial matters, said: “This signature materializes 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.”
Suhail AlBanna, CEO and Managing Director of DP World, Middle East and Africa region, said: “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.