Dubai state-owned port operator DP World said on Sunday it had agreed with the Democratic Republic of Congo to amend its contract for a 30-year port concession.
DP World said the two sides had signed a term sheet summarizing the amendments following a review of some of the clauses signed in March 2018. DP World did not disclose what the amendments were, though said they were made to better support President Felix Tshisekedi’s plans to develop the trade and logistic sector.
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DP World is set to start the development of the deep sea Banana Port, which is expected to take two years, it said, without specifying when construction would begin. DP World was awarded the concession to develop and manage the Atlantic Coast port in 2018 through a joint venture with the government.
At the time, DP World said it would hold a 70% stake, leaving the remaining 30% with the government. Construction was to start that year and be completed within two years.