Tanzanian President Samia Suluhu Hassan has informed of her government’s decision to restart talks on the implementation of several projects aimed at accelerating the country’s economic growth. These include the port of Bagamoyo, a seaside resort 75 kilometres north of Dar es Salaam, Tanzania’s economic capital.
With a view to boosting her country’s economic growth, the Tanzanian President, Samia Suluhu Hassan, plans to invest 10 billion dollars in a full-scale project. This is a project to build a port and a special economic zone, the contracts for which were signed in October 2015 with China Merchants Holdings International. But it was cancelled by the administration of the late ex-President John Magufuli in 2016.
The cancellation was to renegotiate the contractual terms, as part of a series of renegotiations of major deals made under his predecessor Jakaya Kikwete with foreign investors in mining, natural gas, telecommunications and infrastructure. Three years later, John Magufuli formally cancelled the $10 billion project, accusing the Chinese side of presenting « abusive » conditions.
« The conditions they gave us were not commercially viable. We told them no, » said Tanzania Ports Authority (TPA) director general Deusdedit Kakoko, who complained to the Chinese port operator. « This project is a purely commercial investment project, and China Merchants Holdings has always followed the principles of commercial feasibility and win-win cooperation in its overseas investments, » the Chinese group responded. Today, the new President has dusted off this dossier and intends to bring it to a successful conclusion.