Speaking to this paper at the weekend the corporation General Manager, Hetson Msalale said the project is part of development reforms since the new board was ushered four years ago after a period of 16 years.
Msalale said the new market’s project is expected to cost 500m/- and up to now it is still in the planning stage as part of the implementation of its ongoing strategic plans.
He said other projects in the pipeline and which will be implemented simultaneously with the Mbezi market project include modernisation of the small market at Kariakoo that will cost 23bn/-.
He said Kariakoo is at the centre of the city of Dar es Salaam which has captured trade from other east and central African countries such as Zimbabwe, Malawi, Zambia, Burundi, Rwanda and Congo (DRC).
The 45-year old Kariakoo market was built by MECCO contractors.
After completion in 1974 the government formed an institution to run it which is in place till now – the corporation was inaugurated by President Julius Nyerere on December 8 1975.
He said after becoming the mirror of market business that reigned in the city and internationally, it had its challenges including the free markets reforms in mid 80s that ushered in free market economy.
He said KMC has succeeded to widen its income base through establishment of 99 business stalls around the market.
He said the market’s budget has now increased by 32.4 percent – from 2.5bn/- in the 2015/16 financial year to 3.7bn/-.
The General Manager said due to efforts by the new board, KMC has succeeded to recover 800m/- from its debtors equivalent to two thirds of the total debt the board had found.
He said in four years KMC has provided employment to 27 people and created 300 business areas that are used by small entrepreneurs.
He said as of June this year the market owns assets valued at 56bn/- up from 53.2bn five years ago, an increase of 2.8bn/. He said the corporation is among government institutions that issued dividends to the government where it gave 50m/-.
The ancient Kariakoo market is located at Sikukuu Street of old Dar es Salaam. It is the biggest and busiest food-items market serving traders from Tanzania and other countries like the Comoros, Zambia, Malawi, Mauritius and Kenya.