World Economy

$1.7b Sino-Tanzania Deals

$1.7b Sino-Tanzania Deals$1.7b Sino-Tanzania Deals

Tanzania and China have signed investment deals in Beijing worth more than $1.7b, including one to build a satellite city to ease congestion in the commercial capital Dar es Salaam – deepening Beijing’s ties with East Africa. The money will be used to develop infrastructure, power distribution and business cooperation, Tanzanian President Jakaya Kikwete said in a statement, World Bulletin reported Saturday. Tanzania later announced a $85m in grants and zero-interest loans from China. It did not say what the money would be used for. 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.