The Tanzania National Housing Corporation (NHC) has secured a $2Bn loan from PTA Bank — the financial arm of Comesa — to construct a commercial centre and satellite city at Kawe in Dar es Salaam.
The NHC Director General Nahemia Mchechu disclosed that with funds secured the project is scheduled to reach completion in 2020.
The project, once completed will become the busiest in the city, hosting at least 50,000 people for 20 hours non-stop. The chairman of the urban planning committee for Kinondoni Municipal Council, Songora Mnyonge, said the project would help with decongesting Kariakoo, because it is set to host the biggest shopping mall, residences, shopping centres as well as recreation and sports centres.
He expressed his optimism in the project and how its completion will place Kinondoni in the forefront for revenue generation. He also advised Kinondoni residents on taking advantage of the opportunity by embarking on innovative business ventures.
NHC project manager Samwel Metili said that Morocco Square, which will host a modern hotel, tourist accommodations, shopping and recreation facilities, is worth approximately $71m.
In March last year, a report released at the 11th Confederation of Indian Industry (CII) –Export Import Bank of India (Exim Bank) Conclave on India-Africa Project Partnership showed that at least $9.9Bn was sought for 22 other projects.
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