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. Mwaporc development corridor will see exporters and importers reduce the cost of logistics.
Mwaporc co-director Cuthbert Tenga confirmed the news on the free port funding and said consultations are still on-going since last year with the transport ministry, and construction will commence soon as the agreement is signed.
“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.
The 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. The port is expected to cost a total of $32bn. Tanzania is also undertaking a major expansion of Mtwara port.
Brookwood Capital is a privately held investment banking and private equity firm specializing mainly in the communications and natural resources sectors.