Tanzania Open to Talks Over $10 Billion Port Project, Daily Says

(Bloomberg) -- Tanzania is open to discussions with investors on the $10 billion Bagamoyo Port project, but will prioritize the interests of the East African nation, the Daily News newspaper reported, citing Tanzania Ports Authority Director General Deusdedit Kakoko.

Talks on the proposed port have stalled because investors’ conditions were likely to prevent Tanzania from reaping the maximum benefit from the project, the newspaper said. The Port Authority proposes a 33-year lease for the Bagamoyo Port investors, who are seeking a 99-year term.

Tanzania signed a framework agreement in 2013 with China Merchants Holdings International, with financial backing from Oman’s State General Reserve Fund, to build the port and a special economic zone that is intended to establish a regional trade and transport hub, the Dar es Salaam-based newspaper said.

©2019 Bloomberg L.P.