Monday, September 15, 2014
Tanzania receives $565 mln financing to expand port
Posted on 13 Sep 2014
Tanzania signed a $565 million deal on Friday with the World Bank and other development partners to expand its main port of Dar es Salaam, part of plans to boost the east African nation's role as a regional trade hub.
Tanzania wants to lift capacity to 28 million tonnes a year by 2020 from the 14.6 million tonnes it handled in the financial year 2013/14. The World Bank said in May that inefficiencies at the port cost Tanzania and neighbours up to $2.6 billion a year.
The port, whose main rival is the bigger but also congested port of Mombasa in Kenya, acts as a trade gateway for landlocked states such as Zambia, Rwanda, Malawi, Burundi and Uganda, as well as the eastern region of Democratic Republic of the Congo.
World Bank Group managing director Sri Mulyani Indrawati advised Tanzania to invite private sector participation in major infrastructure projects, but said that should be done with transparency and with proper regulations in place.
"It's not only that all these investments should be done by the public sector -- inviting more private sector participation can provide more investments," she said at a news conference after the signing of the port financing agreement.
Tanzania's Transport Minister Harrison Mwakyembe said investments in infrastructure projects would have a direct impact on creating much-needed jobs and expanding trade in East Africa.
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