The financing logistics are now in place for the development of the Mwambani economic corridor connecting Tanzania, Uganda and Democratic Republic of Congo.
The Mwambani Economic Corridor in the Tanga region, Tanzania has received approval from the East African Community (EAC) Secretariat.
The project, worth TZS 53 trillion will create over 20,000 new jobs during the construction of a new deep sea and free port as well as a new railway that will link Tanzania with its regional neighbours Uganda and Democratic Republic of Congo.
Co-director of the project, Mr Cuthbert Tenga, noted that the financial logistics for the project were now in place and added that following the recent approval they had received interest from investors in England, Canada, United States, Middle East, South Africa and Scotland.
The benefits of the project are expected to be widespread across the country, stimulating economic development in areas such as real estate and manufacturing with the new transport infrastructure serving as an enabler to trade with countries such as Rwanda, Burundi and Kenya.