INVESTMENT: China No.5 largest foreign investor

President Jakaya Kikwete yesterday shows the tracks of the Central Railway Line on the map of Tanzania to high profile executives of some Chinese companies led by China Railway Group Ltd. Other firms that have shown interest to invest in Tanzania are Sinosure, Exim Bank (China), China Development Bank and China Agriculture Development Bank. President Kikwete is in China on a six-day State-tour following a special invitation by his counterpart Xi Jinping. 

PHOTO | MAELEZO 

By The Citizen Reporter

IN SUMMARY

• But, the Far East country is not contended with the position as it seeks to increase its investment portfolio

Dar es Salaam. China has marshalled its investment in Tanzania tremendously in the past one year to claim fifth position in the list of major foreign investors, according to information released yesterday.

But, the Far East country is not contended with the position as it seeks to increase its investment portfolio. To show this China companies signed numerous investment deals with Tanzanian firms valued at millions of US dollars.

The deals that will benefit the National Housing Corporation (NHC), Tanzania Electric Supply Company (Tanesco), Temeke Municipal Council as well as Coast Region were signed on Thursday as part of President Jakaya Kikwete’s six-day tour of the country.

A press statement released by the Directorate of Communication at the State House noted that as of last December, China had invested in a total of 522 projects in the country valued at $2.5 billion.

Opening the Third Tanzania-China Investment Forum, President Kikwete was personally gratified by the China investments in Tanzania because upon their completion the projects would create 77,335 jobs.

One of the signed deals involves a Memorandum of Understanding between NHC and China Railway Jianchang Engineering (CRJE), which will invest $1.5 billion in projects being undertaken by the local corporation.

Out of the money, some $1 billion will be directed to Salama Creek Satellite City, which will be developed at Uvumba in Temeke District and some $500 million will be invested in Financial Square, to be put up in upmarket Upanga suburb.

NHC will also receive $200 million from Poly Technologies for development of Valhalla project in Masaki, Dar es Salaam.

On the other hand, Tanesco is poised to get unspecified amount of money following an agreement it signed with Hengyang Transformer. The agreement is on rural electrification drive.

Tanesco also secured funding for the Kinyerezi IV project which would use natural gas piped from Mtwara. The Mtwara-Dar es Salaam gas pipeline project, which is now nearing completion, has been executed by a Chinese firm
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