THE DP World, an Emirati multinational Logistics Company based in Dubai, United Arab Emirates, has signed a Memorandum of Understanding (MoU), worth USD 500 million, with the Tanzania Ports Authority (TPA) to finance various projects aimed at improving efficiency of the country’s ports.
The company specialises in cargo logistics, port terminal operations, maritime services and free trade zones.
The agreement for the grant was signed over the weekend at the ongoing Dubai Expo 2020 between TPA Director General Eric Hamissi and DP World Chief Executive Officer Sultan Ahmed Bin Sulayem.
The signing of the agreement that was witnessed by President Samia Suluhu Hassan on Sunday, February 27, was part of the events held by Tanzania at the Expo.
A day before the signing ceremony of the MoUs in Dubai, President Samia Suluhu Hassan officiated at the Expo, a day that was dedicated for Tanzania.
The funds from the agreement will be spent on developing Tanzania’s ports, targeting key areas of Information and Communication, Technologies (ICTs) systems, training for capacity building among TPA staff and improvements in port infrastructures.
The funds are also expected to enable the country’s ports to increase their competitiveness at the regional and global level and improve services.