Korea is to take part in a project to develop the Port of Banana in the Democratic Republic of the Congo. The Ministry of Land, Transport, Maritime Affairs (MLTM) announced on Monday that it has reached a memorandum of understanding (MOU) on cooperation in the Port of Banana development and construction with the Ministry for Reconstruction of the Democratic Republic of the Congo.
Currently, Congo is pushing ahead with a project to dredge waterways and to build total five quaysides -- three general quaysides and two container quaysides -- at the Port of Banana situated on the mouth of the Congo River on the Atlantic Ocean coast. The overall construction expense is estimated to be at roughly $50 billion.
Under the MOU, Korea is to support a validity inspection and businesses on nurturing experts on a logistics harbor, while Congo is to conceive measures on supporting project participation by Korean private enterprises. Among the entire project, profitable businesses are to be advanced in a form of BOT (Build-Transfer-Operate), while non-profitable business are to be promoted through package deals linked to a resource development with the Congolese government aid.
“Through the recently signed MOU, Congo will construct a harbor essential for an economic development by utilizing natural resources, while Korea will unfold an overseas support and resource diplomacy suited for our economic power,” an MLTM official conveyed.
Currently, Congo is pushing ahead with a project to dredge waterways and to build total five quaysides -- three general quaysides and two container quaysides -- at the Port of Banana situated on the mouth of the Congo River on the Atlantic Ocean coast. The overall construction expense is estimated to be at roughly $50 billion.
Under the MOU, Korea is to support a validity inspection and businesses on nurturing experts on a logistics harbor, while Congo is to conceive measures on supporting project participation by Korean private enterprises. Among the entire project, profitable businesses are to be advanced in a form of BOT (Build-Transfer-Operate), while non-profitable business are to be promoted through package deals linked to a resource development with the Congolese government aid.
“Through the recently signed MOU, Congo will construct a harbor essential for an economic development by utilizing natural resources, while Korea will unfold an overseas support and resource diplomacy suited for our economic power,” an MLTM official conveyed.