Mingpao, one of the primary Hong Kong newspapers, recently reported that the eastern African country Tanzania just called off the construction project at Bagamoyo Port. China was to fund the project at a total cost of US$10 billion. The goal was to turn Bagamoyo into a large city like China’s Shenzhen (a city next to Hong Kong known for its rapid growth). The project included railways and roads to oil fields. The aim was that, on completion, Tanzania would have built the largest port in Eastern Africa. Chinese President Xi Jinping signed the project agreement in March 2013. However, the newly elected Tanzanian President John Magufuli does not consider this project to be a critical investment. He indicated that the conditions of this project were “exploitative and awkward.” According to the agreement, China “rents” the port for a century (99 years) and Tanzania does not have a say on who else can come and invest in the port once it is operational.
Source: Mingpao, June 29, 2019
https://bit.ly/2JbMA0x