The Export-Import Bank of China (China Ex-Im) and the Tanzanian government have signed two loan agreements totalling Rmb1.81bn (US$265mn) to finance infrastructure projects in the African country.
The concessional agreements will finance the East African country’s broadband internet project as well as the upgrade of Zanzibar International Airport.
The broadband project, named the Tanzanian national information and communication technology broadband infrastructure backbone network project, will receive Rmb700mn (US$102.5mn) to improve communication technology in the country.
In a further example of Asian institutions’ increased appetite for exposure in Africa, China Ex-Im will also loan Rmb481mn (US$70.5mn) to upgrade Zanzibar International Airport’s terminal two.
This comes after the Tanzanian government announced plans to spend Rmb4.76tn (US$3.58bn) annually on a five-year public investment drive.
Last Updated April 19, 2010
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