China - Tanzania-Port Development Package Signed
Tanzanian Officials said the 800
million USD bilateral package of infrastructure developments will spur
Tanzania’s economy forward. The agreements clear way for China to fund and
construct a 10 billion USD port at Bagamoyo as well as other infrastructure
projects. “President Xi’s visit is historic” Tanzania’s Minister of Foreign
Affairs and International Co-operation Bernard Membe said. “Apart from
unveiling China’s policy towards Africa through Tanzania, Tanzania has signed
with China 19 valuable agreements. An agreement like that of the port of
Bagamoyo is a lifelong investment” he added. The Port of Bagamoyo is scheduled
for completion in 2017 and will handle twenty times more cargo than Tanzania’s
largest port in the Capital. Under this Chinese-Tanzanian initiative there will
also be loan agreements between Bank of Tanzania and the Export-Import Bank of
China, creation of modern industrialisation and agricultural zones and the
establistment of a Chinese Cultural Centre in Tanzania.
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