This archive report was first published on 24 December 2021.
On December 2, 2021, the Zanzibar authorities in Tanzania announced a significant move to promote the blue economy by leasing 10 islets to domestic and foreign investors.
The Zanzibar Investment Promotion Authority (ZIPA) executive director, Sharif Ali Sharif, stated that the leasing of the islets is part of efforts to open up investment opportunities in the region.
According to Sharif, the investments planned for the 10 islets aim to support the Zanzibar government's intention to improve and promote the blue economy.
A total of 53 investment companies, comprising both domestic and foreign entities, applied to run investments on the islets, including the construction of tourist hotels and coral parks.
ZIPA executive director Sharif Ali Sharif revealed that the government expects to earn a total of $261.5 million from the investments.
