Chinese Company to Build New City, Financial Suburb in Tanzania
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China Railway Jianchang Engineering Company Ltd. agreed to construct a $1 billion satellite city and $500 million financial district in Tanzania, the East African nation’s presidency said.
Under the accord signed with Tanzania’s National Housing Corp., Salama Creek Satellite city will be built in Uvumba, a district on the outskirts of the commercial capital, Dar es Salaam, the presidency said in an e-mailed statement. The new financial services district will be in the suburb of Upanga, it said, without specifying how the projects will be funded.