Tanzania: China Exim Bank Pledges Support to New 'Big Projects'

Posted on :Thursday , 9th June 2016

Dar es Salaam — China Exim Bank has pledged to support 'big projects' that the new government will undertake in the envisaged industrialisation drive.

Ms Zhang Shuo, the banks's deputy director, said Tuesday the Chinese financial institution would provide necessary support to the fifth phase government's economic transformation plans.

It will also back efforts to ensure Tanzania increases employment opportunities by 40 per cent, Ms Shuo at a meeting with Foreign Affairs permanent secretary, Dr Aziz Mlima.

She said: "The bank is ready to cooperate with Tanzania in implementing big projects, including the construction of the standard gauge central railway line."

Exim Bank approved funds to implement development projects like the construction of Mpigaduri Port in Zanzibar and 400KVA electricity power line from Dar es Salaam-Chalinze to Arusha.

She said her trip was to assess the areas of cooperation and meet key stakeholders. She noted that she had been satisfied, and would ensure agreed projects would be funded without delay.

"Exim bank has set aside a special fund to support industrial development in Africa. This is in line with the Chinese President Xi Jinping's pledge to African leaders in in 2015," she said.

China cheered African heads of state with a $60 billion promise to be pumped into development projects, cancelling of some debt and boosting of agriculture under a three-year plan.

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