(Ecofin Agency) - In order to curb land grabbing which is growing significantly, Tanzanian authorities have adopted a new land policy that brings to 33 years, from 99, the lease duration for foreigners, Eurasia Review reports.
The adoption of the new policy comes a few months after the Eastern African country launched a campaign to seize “unexploited” lands and discourage shady investors from using them for speculative purposes.
Authorities blame foreign investors of hoard lands without valorizing them, using them as guarantee to secure loans from banks or selling them at high prices.
According to Tanzania’s Land Affairs minister, William Lukuvi, the new policy responds mainly to the need to secure agricultural lands, which is vital for sustainable socio-economic growth. “We are committed to ensuring that all citizens of Tanzania enjoy equitable land rights to enable them participate effectively in economic development, job creation and poverty reduction,” he said. Into force since 1999, Tanzania’s land code makes land a public property. Foreign companies and non-nationals to whom land ownership is forbidden, can only lease them for investment.