Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Tanzania signs over $1.7 bln investment deals with China

26 October 2014, 10:25

Dar es Salaam - Tanzania and China have signed investment deals to build a $1 billion satellite city and $500 million financial centre in the commercial capital Dar es Salaam, the latest sign of Beijing's deepening ties with East Africa.

The total of five deals, worth more than $1.7 billion, will go toward developments in infrastructure, power distribution, real estate and business cooperation, Tanzanian President Jakaya Kikwete said in a statement on Friday, one day after the deals were formally signed in Beijing.

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.

Meanwhile, Tanzania's state-run power company, TANESCO, signed a deal with China’s TBEA Hengyang Transformer Co. for a rural electrification project that Kikwete's office said would be worth "millions of dollars". It did not list a specific value.

Chinese investment in Tanzania has risen dramatically, reaching $2.5 billion at the end of last year, a spokesman for Kikwete said in a separate statement.

In recent years, Chinese companies have signed deals to build a new port, rail network and a 532 km (330 mile) natural gas pipeline. Between July and September of this year, Chinese investments totalled $534 million, compared to $124 million during the same period last year.

Speaking at an investment forum in Beijing on Thursday, Kikwete said he hoped to boost Tanzania's exports to the Asian powerhouse.

China's exports to Tanzania, which totalled $1.099 billion from 2012 to 2013, were roughly double the $495.74 million worth of goods China imported from Tanzania, he said.

 - Reuters

"It's obvious we can do better," he said.

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Victor Tinto
EACC officers raid Deputy Governo...

EACC officers raided the home of a Deputy Governor as theft case continues in court. Read more...

Submitted by
Wilson Ochieng
New IEBC bosses to be named Novem...

New IEBC bosses will be named on November 30. Read more...

Submitted by
William Korir
DP Ruto has spoilt my name, activ...

DP William Ruto has spoilt my name, activist complains. Read more...

Submitted by
Wilson Ochieng
Apologise for attack on Auditor G...

Apologise for attack on Auditor General, President Uhuru Kenyatta is told by Kisumu Senator Anyang Nyong'o. Read more...

Submitted by
Wilson Ochieng
Quit if you can't fight corruptio...

An MP has told President Uhuru Kenyatta to quit office if he cannot fight corruption. Read more...

Submitted by
Wilson Ochieng
Investigate Uhuru, Ruto for corru...

Investigate President Uhuru Kenyatta and DP William Ruto's offices over corruption, CORD leader Raila Odinga has said. Read more...