The business environment in Tanzania is only getting better with businesses projected to grow rapidly. The development of infrastructure projects in the country would be a major addition, not only due to its economic impact but its power to transform the ease of doing business in the country. Infrastructure has been the prioritized sector by many East African states.
President John Magufuli is excited about the new project that has been a classic idea since he worked for the Government. The Selander Bridge Flyover was his intention to build but did not work as plan. Now, the hopes to revisit his plans could be fruitful.
Tanzania and a South Korean firm have signed a deal for the construction of the $109 million bridge. The bridge will decongest the traffic snarl up in Dar es Salaam and enhance the transport sector. It will shorten the time spent on road due to hectic traffic jams, boosting service delivery. The move will lure investors as the Government improves infrastructure for their benefits.
It could turn out to be a major boost in the tourism sector, as the bridge could turn out to being an important tourist attractive site. With the foreign exchange raked from the tourists, the Government can cultivate it to add impetus to the economy.
South Korea has funded a number of projects in Tanzania and their presence in the East African nation has been futile to propel the business sector. the projects have added value to Tanzania amounting to billions of dollars. The signing of the deal symbolizes a strong commitment between the two to work together.
The project will boost economic activities in the city, spurring growth in other sectors as well. The construction will be completed in the year 2020. The Government will inject close to 17% of the funds, while the rest will be loaned from Exim Bank of Korea.