Infrastructure

China set up $18 billion to support infrastructure, industries in Sub-Saharan state

China will sign business and trade co-operation agreements with over 30 countries and enter into consultation on free trade agreements with related countries.

A dual partnership including two Chinese powerhouses of the cement industry has been announced in a project to build industrial park in Tanga region. China-SINOMA and Hegya will also be looking forward to establish cement factories in the same venue.

“The plant is expected to produce seven million tons of cement and create 4,000 jobs,” he stated Tanga Regional Commissioner Martin Shigela.

And this week, Tanzania and the world’s second economy are scheduled to ink two agreements to open Chinese markets for cassava from Tanzania.

 Speaking at the opening of the Belt and Road Forum, Chinese President Xi Jinping pledged the additional 14.5 billion dollars into the existing Silk Road Fund.

In his opening speech, President Jinping said the China Development Bank and Export-Import Bank will set up special lending schemes worth 250 billion Yuan (about 36.2 billion US dollars) and 130 billion Yuan (18.8 billion dollars) to support cooperation on infrastructure and industries.

The Chinese leader as well pledged aid amounting to two billion Yuan (290 million US dollars) to developing countries along the Belt and Road and additional contribution of one billion US dollars to the Assistance Fund for South-South Cooperation.

He said China will sign business and trade co-operation agreements with over 30 countries and enter into consultation on free trade agreements with related countries.

Also, President Jinping sought to attract countries to join the ambitious “Belt and Road Initiative” as China seeks to connect nations along the new Silk Road routes through economic cooperation and infrastructure development.

He said during the past four years, there had been deepened policy connectivity, enhanced infrastructure, and trade link in addition to expanded financial inclusion in line with the vision of the Belt and Road Initiative.

President Jinping hailed achievements made over the past four years, saying over 100 countries and international organisations have supported and got involved in the Belt and Road Initiative.

He said China has signed cooperation agreements with over 40 countries and international organisations and carried out the framework cooperation on production capacity with over 30 countries.

At least 29 Heads of State and Government are attending the forum, the highest-profile international meeting on the Belt and Road since the Chinese President proposed the initiative in 2013.

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