In a bid to transform Bangamoyo, Tanzania into a regional trade and logistics hub, the Tanzanian government has secured investments totalling $10 billion to build a mega-port, according to Tuscor Lloyds.
The project has received around $10.7 billion in finance from China and Oman, which will be used to develop port facilities in order to boost Bagamoyo’s capacity to 20 million TEU.
As well as seeing an increase in export growth over the next 25 years, Jakaya Kilwete, President of Tanzania, is keen to see the country embark on an industrial revolution.
The port plans to welcome mega-ships with around 8,000 TEU capacity in two to three years, but wider project completion may take anything up to 10 years.
The region also hopes to compete with Mombasa and Dar es Salaam, which are said to be among the key ports along the East African coast.
Mombasa Port is currently the most efficient entry to the East African region according to the 2015 East Africa Logistics Performance Survey, a title which Tanzania is keen to take.
Kenya has invested in plans for a second container terminal at Mombasa, valued at $274 million. And just along the coast, Lamu Port embarked on a massive infrastructure project in May, 2015, involving construction at the port, as well as a power plant and railway links.