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Tuesday, 5 November 2013

China signs US$ 1.7 billion dollar deal with Tanzania

Tanzania has signed contracts worth US$1.7 billion dollars with Chinese companies to construct power plants and housing units in east Africa’s second-largest economy. The new investment deals mark China's growing economic presence in Tanzania, which has made big discoveries of natural gas off its southern coast.

“The government has today signed seven agreements with six Chinese companies worth US$ 1.7 billion, which will be invested in power plants and construction of residential and commercial housing projects,” the Tanzanian prime minister’s office said.

The deals include a US$ 692.7 million contract awarded to Tebian Electric Apparatus Stock Co Ltd, China’s largest manufacturer of high-voltage transformers, for the construction of a 400 kV power transmission line.