A $500 million US dollar memorandum of understanding (MOU) has been signed for phase one of the port expansion and modernisation of Dar es Salaam.

This MOU is between the Tanzania Ports Authority (TPA), Ministry of Transport, World Bank, UK’s Department for International Development (DFID) and Trade Mark East Africa (TMEA).

World Bank Managing Director and Chief Operating Officer, Sri Mulyani Indrawati, who was present at the signing of this MOU said the money will combine a soft loan and grant.

“This financing will help improve performance at this port and enable the Tanzanian economy to be connected to the world.”
Over $700 million US dollars has already been promised for phase two of the port modernisation and expansion project.