Dar es Salaam. China has invested in Tanzania projects worth $1.8 billion in the 10 years since President Xi Jinping’s last visit to Tanzania
Tanzania Investment Center (TIC) executive director Mr Gilead Teri said that Chinese investment has been of great impact to the country in terms of trade investment, job creation and relationship.
“For the past 10 years, China has registered 1,908 projects worth $1.6 billion in the mainland and 15 projects in Zanzibar worth $220 million,” he said.
He made the remarks at a symposium marking the 10th anniversary of President Xi Jinping visit to Tanzania.
Mr Teri mentioned some areas that China has invested in over the years being manufacturing, tourism and agriculture among many others.
He was optimistic that the government would increase the budget to enable China and other investors to increase the investment in Tanzania.
China’s ambassador to Tanzania Chen Mingjian explained that China-Tanzania pragmatic cooperation has maintained a momentum of growth over the past decade.
“We have remained Tanzania’s largest trading partner and largest source of foreign investment for years. In 2022, the trade volume between two countries increased by 23.7 per cent year by year reaching $83.1 billion which is 35 times that of 2012,” she said.
According to her, by the end of 2022, China’s direct investment stock in Tanzania was 2.5 times that of 2012.
Speaking at the event, Sinotan Industrial park chairman Mr Jason Huang said conducive policies of the country are attracting them to invest in Tanzania.
“We are optimistic that the industrial park will be completed within the five year term of President Samia Suluhu Hassan. Therefore, Chinese investors should come and invest in Tanzania and we are happy that the relationship is growing stronger and stronger,” he said.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
ALSO READ: NBC participates in TFF 2023/24 awards, promises to enhance competition
On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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