The Vice Chairman of The China Harbour Engineering Company (CHEC), Mr Lin Yi Chong and the Principal Secretary (PS) in the Ministry of Infrastructure and Communication, Dr Juma Malik Akil signed their Memorandum of Understanding (MoU) late February.
According to Dr Juma Malik Akil, "the new port will have a 300 metre docking space and 65 metres of land craft, modern handling equipment with the capability to handle 200,000 containers and 250,000 tonnes of loose cargo."
The construction period will be approximately 36 months long, and Zanzibaris can expect a high quality port with security facilities. The Exim bank are providing a loan of US$200 million, whilst the contractors (CHEC) have agreed to release $30 million through equity financing during the 36 months project construction period.
Zanzibar will have 25 years including a grace period of five years to repay the loan from the time the money is released; this agreement includes CHEC enjoying 13 per cent of the port shares for an undisclosed period of time.