CHINA WAIVES TANZANIA’S DEBT WORTH 31.4BN/-

President Samia Suluhu Hassan and her host counterpart, Xi Jinping of China, inspect a guard of honour at the Great Hall of the People in Beijing yesterday.

China has waived a portion of Tanzania’s debt worth 31.4bn/-, being part of 15 strategic agreements signed between the two countries on Thursday.

President Samia Suluhu Hassan and her counterpart Xi Jinping witnessed the signing ceremony on Thursday in Beijing, China. The signing of the agreements aimed at bolstering bilateral cooperation, trade, and investment.

In addition, China has provided a soft loan of 56.72 million US dollars (about 132bn/-) for the development of the Zanzibar International Airport Terminal II project.

According to a statement issued by the Directorate of Presidential Communications, the agreements were signed during the historic state visit by President Samia to China at the invitation of President Xi, where the two leaders held official talks.

Another agreement signed by officials from the two countries was on a protocol on inspection, quarantine and veterinary sanitary requirements for WildAquatic Products to be exported from Tanzania to China.

“Another agreement on a phytosanitary protocol for the export of fresh avocado fruits from Tanzania to China was signed, paving the way for increased Tanzanian avocado exports to the Chinese market,” the statement reads in part.

China is a leading source of foreign direct investment (FDI) into Tanzania, accounting for 1,098 investment projects in Tanzania in October 2022, worth 9.6 billion US dollars, which have created 131,718 jobs.

China’s foreign ministry said in August this year that it had cancelled 23 loans to 17 African countries that matured in 2021, but did not give further details. The waived loans were of 10 to 30-year maturities and were worth up to 610 million US dollars in total.

By October this year, a total of 1,098 Chinese projects worth 9.6 billion US dollars were registered at Tanzania Investment Centre (TIC) for the mainland, while some 15 worth 202.2 million US dollars were registered in Zanzibar.

The projects have created a total of 300,000 jobs for Tanzanians as a result improving the living standards of locals in both parts of the union.

Tanzania has benefited from China in so many areas, including education, health, loans and grants according to Tanzania’s Ambassador to China, Mbelwa Kairuki, adding that a total of 725 Tanzanians had studied in China in the past two years.

Mr Kairuki said that the country expects to receive 500,000 tourists from China by the year 2025, given the ongoing efforts being taken to market tourism destinations available locally.

“Right now the national airline carrier Air Tanzania flies twice a week to China, plans are on cards to add one more flight here, this will enable us to meet the target of having 500,000 tourists by 2025,” he explained.

- Daily News