Guangzhou — CHINESE companies will spend 1.7 billion US dollars (about 2.72tri/-) after signing seven agreements for investment in the areas of electricity, construction of residential houses and business centres and research.
The agreements for the projects were signed here and was witnessed by the Prime Minister, Mr Mizengo Pinda, who is on an official tour of China. The agreements were signed after the premier officiated at a business forum between Tanzanian and Chinese business communities. He called on Chinese investors to tap opportunities available in Tanzania.
The signed contracts include that between the Tanzania Electric Supply Company (Tanesco) and Tabiau Electric Apparatus Stock Co Ltd (TBEA) for the expansion of the national grid route from Dar es Salaam to north-eastern regions.
The contract worth 692.7 US dollars was signed by acting Tanesco Managing Director, Mr Felchesmi Mramba. He also signed another contract with Shanghai Electric Power for the construction of Kinyerezi III power plant, as well as another contract with China Gezhouba Group Corporation (CGGC) for the development of Rumakali electric project in the Southern Highlands regions.
Feasibility studies of the two projects are currently being undertaken and so their actual cost is yet to be established. Moreover, Mkonge Energy Systems Limited owned by a Tanzanian businessman, Salum Shamte, entered into an agreement with Sino Hydro Resources Limited for the development of the Masigira water falls power project at a cost of 136 million US dollars.
National Housing Corporation (NHC) Director General, Mr Nehemia Mchechu, signed a 500-million US dollar agreement with China Railway Jianchang Engineering (CRJE) to support the local firm, so it can construct a good number of residential houses and business centres in various areas in the country.
Mchechu also signed another agreement with Poly Technologies (POLY) on technological and financial support for construction of residential houses at Masaki areas in Dar es Salaam at the cost of 200-million US dollar.
The National Development Corporation (NDC) Managing Director, Mr Gideon signed a 136-million US dollar agreement with China Dalian International Economic & Technical Corporation Group (CDIG) as well as Hydro China Kunming Engineering Corporation, for the construction of a research centre on renewable energy.