In the downtown area of Tanzania's commercial capital Dar es Salaam, construction is underway on what is expected to be the city's highest 5-star hotel.

Due to be completed in 2017, MNF Square is a $77 million joint project by Tanzania's Mwalimu Nyerere Foundation and CRJE East Africa, a building and civil contractor from China.

"It is Tanzania's first energy-efficient commercial complex," says Xie Zhixiang, general manager of CRJE East Africa.

MNF Square is the first Chinese project in Africa to get investment from International Finance Corporation, a member of the World Bank Group. Since 2010, IFC has invested a total of $21.8 million in MNF.

"IFC has rigorous standards for project investments, which must benefit Africa and be invulnerable to global economic decline," Xie says. "The project also has to be financially transparent and environmentally friendly. It sets a good example for Chinese projects in Africa."

When complete, the complex will occupy an area of 63,000 square meters, comprising a 5-star hotel, office building and shops.

It will provide business infrastructure to attract more investors and tourists to Tanzania and also create more business and employment opportunities for the local community.

Tanzania's economy is booming, with GDP growth at 7 percent for the last three years, and has fuelled a soaring demand from foreign business people and investors to visit the city.

lijing2009@chinadaily.com.cn

(China Daily Africa Weekly 12/02/2016 page24)