Tanzania: firm pledges US$ 27b for Mwambani Corridor
Brookwoods Capital, a privately held equity firm will be investing US$ 27b on the construction of Tanzania’s Mwambani Port and Railway Corridor (Mwaporc) project in Tanga, which is set to be one of the region’s largest development corridors.
Construction of Mwambani Port and Railway Corridor (Mwaporc) is set to help in the direct shipping of goods from international ports and also assist exporters and importers in reducing the cost of logistics.
Mwaporc co-director Cuthbert Tenga said: “We have received full support from East and Central African countries and once the government of Tanzania signs the agreement, it will be used as a module by the other countries,” he said.
Development of the port will entail construction of a free port adjacent to the new one, a deep sea port and a standard gauge railway that will connect Tanzania, Uganda and the Democratic Republic of Congo. The Mwaporc free port will house logistics, manufacturing and service industries and is expected to cost $32bn. Tanzania is also undertaking a major expansion of Mtwara port.