Tanzania Suspends $10B Bagamoyo Port Project
Published on: Tuesday 25 June 2019
Tanzania has suspended the construction of the $10-billion Bagamoyo port project. The project, which broke ground in 2015, would have been the largest gateway in East Africa and was a key component in Chinaâs $900-billion Belt and Road Initiative, an ambitious transnational infrastructure building program. Tanzanian President John Magufuli accused the Chinese project backers of presenting âexploitative and awkwardâ terms in exchange for financing. Chinese financiers set âtough conditions that can only be accepted by mad people,â Magufuli told local media. âThey told us once . . .
