Friday, 15 August 2014

How Chinese firms win lucrative deals

From The Citizen Daily, Dar es Salaam
By The Citizen Reporter

At the heart of Mwanza on the southern shores of Lake Victoria, two modern buildings, one along Kenyatta Road, and the other one located at the junction of Kenyatta and Post roads, grace the country second largest city.
They are both owned by the two of the country’s hugest pension funds, the National Social Security Fund (NSSF) and Parastatal Pensions Fund (PPF).

These two buildings, which cost roughly $40 million, have one thing in common: they were built by Chinese construction companies eight years ago.  But, the financing wasn’t a loan from China - it was money locally raised through monthly contributions from men and women who work in both private and public sectors.

Along the Makongoro Road, on the highway to Mwanza Airport, to the left, there’s an ongoing construction of a multimillion-dollar market. The financer is a pension fund, which raised its billions through monthly members’ contributions.

Read full story.

No comments: