In order to transform Tanzania into a regional trade and transport hub, a US$10 billion port project and special economic zone is currently underway in Tanzania, which is backed by China and Oman, according to Reuters.
China Merchants Holdings will be financing the project and overseeing the majority of the port’s construction, with additional funds fronted by Oman's State General Reserve Fund.
Jakaya Kikwete, President of Tanzania, said: “The construction of the Bagamoyo port and a special economic zone is aimed at realising the government's goal of bringing about an industrial revolution in Tanzania.”
The project is anticipated to take around 10 years to complete, however, this time period has not yet been finalised as its unclear how many phases the project will entail.
Once the first phase of construction is complete, the port will be able to handle 8,000 TEU ships, with room for expansion.
Africa’s economy is already booming, with the largest countries for TEU volumes being Egypt and South Africa, with both countries handling 7.1 million and 4.5 million in 2013, respectively.
According to a recent PTI Poll, 41.9% of people believe that South Africa will be leading the way for African container traffic in the next five years.
