Construction of a $10 billion port project in Bagamoyo, Tanzania, has been brought to a halt, as the Tanzanian government and China Merchant Holdings International reportedly reached an impasse in investment negotiations on May 22.
China Merchant Holdings International, China’s largest port operator and a subsidiary of China Merchant Group, is helping to fund the project along with Oman’s State General Reserve Fund.
China Merchant Holdings International would reportedly handle the majority of construction work, which would include roads, railways and an economic zone. The project would span more than 20 kilometers of coastline and would be carried out over 10 years throughout an unknown number of phases.
A groundbreaking ceremony was held in 2015, but no construction has taken place.
The port would dwarf Kenya’s port at Mombasa located 300 kilometers (180 miles) to the north and could become the largest in Africa, seeing traffic of up to 20 million
