Africa-Press – Tanzania. AFRICAN Finance Corporation (AFC) and China Overseas Engineering Group (COVEC) have signed a Memorandum of Understanding (MoU) for financing infrastructure projects in different parts of the country.
Speaking during the signing ceremony which took place in Dar es Salaam last weekend, COVEC Director for East Africa region Mr Yu Chao said his companies look forward to discussing with the AFC to look for more financing of various infrastructure projects under a win-win situation to uplift Tanzania’s economy.
“Our group of companies which includes CRJE East Africa has an experience in implementing large infrastructure projects in Tanzania, as the government is boosting investment environment the cooperation with the AFC comes at the right time,” he said.
For his part, Executive Director of financial services at the AFC, Mr Sanjeen Gupta, said that the company was ready to explore areas for financing projects in the country in sectors like transportation, natural resources with the focus on oil and gas and it also looks forward to building industries, invest in telecom sectors and electricity generation.
He said the AFC has already granted the government 185 million US dollars for the infrastructure projects and it was looking forward to further partner with the private sector which is an engine of the economy to support development projects in the country.
He added that the AFC, which has its headquarters in Lagos, Nigeria, is an African based company which has relationships with African governments, other decision makers and private sector.
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