DP World set to kick off the Banana port development
Presidential Press; Courtesy of DRC
Three years after the initial contract was signed,
Dubai-based port developer DP World is finally ready to start the Banana port development along the coastline of the Democratic Republic of Congo (DRC).
After DP World was awarded a 30-year concession to develop and manage the $1 billion Banana Port in 2018, the project is now finally on the move, with an expected two-year completion period. Related Article Posted: over 3 years ago
The announcement follows the agreement on amendments to the initial contract, collected in a term sheet that was signed recently in Kinshasa. DP World said that the objective of the amendments was to readjust the different obligations of the two parties under the project.
DP World to commence Banana Port development in Congo 10 May 2021 (Last Updated May 10th, 2021 12:26)
Dubai-based port operator DP World is set to commence work on the deep seaport development at Banana in the Democratic Republic of the Congo (DRC).
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DP World and the DRC Government agreed to make modifications to the initial contract. Credit: DP World.
The move comes after DP World and the DRC Government agreed to make modifications to the initial contract by signing a term sheet comprising the contract amendments.
The initial 30-year concession contract for the management and development of the Banana Port was secured by the port operating company in March 2018.
DP World starts development at Banana
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.
DP World starts Banana Port development May 10, 2021, by Eldin Ganic
DP World is set to kick off the development of the Banana Port in the Democratic Republic of the Congo.
A term sheet summarising the contract changes followed a review by the two parties of some existing clauses in the agreement signed three years ago.
“The objective of the amendments was to readjust the different obligations of the two parties under the project” to better support the country’s plans to develop its trade and logistics sector, DP World said, without specifying the changes.
In March 2018, DP World was awarded a 30-year concession to develop and manage the $1 billion Banana Port along the DRC’s Atlantic coast in a joint venture with the government.
DP World to start development of Banana Port in Congo
10 May 2021 Picture used for illustrative purpose. 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 summarising 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.