In 2013, Tanzania and China signed a framework agreement, and later a tripartite Memorandum of Understanding (MoU) between Oman’s General State Reserve Fund (GSRF) and the China Merchants Holding International (CMHI), for the $10 billion Bagamoyo port development and Special Economic Zones (SEZ). The port, which is expected to have 25 times the capacity of the Dar port, has gone through several phases of negotiations and stalemate. On June 26,2021, President Samia Suluhu Hassan hinted at the revival of the project.