Under pressure Magufuli now courts Beijing as donors pull back
Tanzania's President John Magufuli. Tanzania has licensed a second Chinese commercial bank as Dar es Salaam is looking East for funds for infrastructure projects. PHOTO| MORGAN MBABAZI | NMG
Tanzania last week licensed a second Chinese commercial bank as President John Magufuli’s administration looks East for funds for mega infrastructure projects.
The licensing of the China Dasheng Bank Ltd, and its subsequent injection of $40 million capital, heralded changing fortunes for the Chinese in Tanzania, amid growing apathy among Dar’s traditional lenders.
