Bloomberg: Tanzania to Sign $1.32 Billion Rail Contract With Chinese Firms
Mon January, 2021, Age: 3 years
Tanzania announced on Thursday of last week that it would sign a $1.3 billion contract with two Chinese railway companies, China Civil Engineering Construction Corp. and China Railway Construction Corp., to construct 211 miles of standard-guage railway link in the northwest of the country. The signing of the contract was done with Chinese Foreign Affairs Minister Wang Yi in attendance. Mr. Wang has been on an African tour promoting Chinese interests and its ‘Belt and Road Initiative’. Newly elected Tanzanian president President John Magufuli also announced that he would seek $167.7 million in Chinese held sovereign debt. According to Bloomberg: “(China’s financing) to African governments topped $140 billion over the past two decades”; China is thus afforded significant political leverage within the continent.