Tanzania Signs Deals Worth More Than $1.7 Billion With China

Written by Ann Brown

Oct 26, 2014

From Star Africa

Tanzania and China have signed investment deals to build a $1 billion satellite city and $500 million financial center in the commercial capital Dar es Salaam, Reuters News Agency reports said on Friday.The News Agency quoted Tanzanian President Jakaya Kikwete as saying the total of five deals, worth more than $1.7 billion would go toward developments in infrastructure, power distribution, real estate and business cooperation.

According to the report, the new investment deals mark China’s growing economic presence in Tanzania, which has made major discoveries of natural gas off its southern coast.

The satellite city and the financial centre are joint projects by the China Railway Jianchang Engineering Company Ltd (CRJE) and Tanzania’s state-run National Housing Corporation.

The satellite city, on the outskirts of Dar es Salaam, will be a self-contained urban zone equipped with water, electricity, roads, banks, schools and hospitals. It is designed to ease congestion in Dar’s central business district.