Work on $10bn port in Tanzania to start in 2015
Chinese-backed port to be built in Bagamayo, Tanzania
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Construction will begin on a $10 billion Chinese-backed port and special economic zone in Tanzania in July next year, it was reported.
Tanzania plans to build the port in Bagamayo, 75 km north of Dar es Salaam, which houses the African country’s main seaport, Reuters reported.
Building the Bagamayo port, along with investment in road and rail infrastructure, is part of Tanzania’s efforts to position itself as a transport hub, it was reported. Construction on the project will reportedly start on July 1 next year.
“The Tanzanian government signed a memorandum of understanding with two major international institutions … to develop the Bagamoyo economic zone. We will do everything possible to ensure that this project takes off because it will bring enormous economic benefits to the entire country,” Tanzanian President Jakaya Kikwete said, according to Reuters.
Tanzania has signed the infrastructure development with China Merchant Holding International, a port developer, and Omani sovereign wealth fund, the State General Reserve Fund, it was reported.
