Zanzibar Eyes Oil in $2 Billion Growth Plan Despite Climate Risk
- Islands aim to boost fishing & oil, create shipping hub
- Business was devastated by Covid-19 travel restrictions
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Zanzibar is touting a $2-billion plan to entice shipping, explore for oil and process seaweed as it seeks to expand beyond tourism that makes up more than a quarter of its economy.
The five-year blueprint proposes developing an oil and gas industry alongside efforts to boost its “blue” economy, Hussein Mwinyi, president of Tanzania’s semi-autonomous archipelago, said in an interview. The government will hire an adviser for the financing and debt needed to fund almost two dozen wide-ranging projects estimated at 5.5 trillion shillings ($2.4 billion), he said.