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Friday, April 15, 2016

Tanzania seeks 10 bln USD from India for development projects

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Authorities in Tanzania are seeking 10 billion U.S. dollars from various Indian financiers to meet its development goals, including the putting up of infrastructures, said a report released on Monday.

The report released at the 11th Confederation of Indian Industry (CII) -- Export Import Bank of India (Exim Bank) Conclave on India -- Africa Project Partnership in New Delhi, said Tanzania, East Africa's second largest economy, was seeking the funds for implementation of 22 development projects,

The report said the money was sought from Exim Bank of India, the government of India's other own sources as well as from investors in the Asian nation through their CII."This is done in the hope that certain projects can be implemented and managed under the public-private partnership arrangement," said the report.

A document released jointly by the Exim Bank of India and CII and the Indian government showed that Tanzania's National Housing Corporation (NHC) required the highest amount of funding from India -- 6.2 billion dollars in total.

The Tanzania Ports of Authority (TPA) came second when it sought over 596 million dollars for financing various projects from India.

Tanzania has also written Indian financiers for help in financing a total of 1.08 billion dollars for various road projects, with some 519 million dollars being sought for the construction of Dar es Salaam-Chalinze-Morogoro Expressway.

On the power and energy sector, Tanzania was seeking a total of 1.3 billion dollars for its Kinyerezi gas-to-electricity projects.

The east African nation was also seeking 9.1 million dollars for agricultural projects, according to the document.


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