By Daniel Itai.
Morogoro, Tanzania. (News of The South) – The Tanzanian government has signed a US$1.46 billion loan agreement with Standard Chartered Bank Tanzania to fund the construction of a 550km of Standard Gauge Railway (SGR) connecting Dodoma to Dar es Salaam via Morogoro and Makutupora.
According to the Tanzania Railways Corporation, upon completion, the railway will address current congestion challenges and decrease freight service charges by 40 percent, as the railway will be able to haul up to 10 000 tons of freight, equivalent to 500 lorries per trip.
It will also connect Tanzania to Burundi, Rwanda and the Democratic Republic of Congo, thereby playing a key role in enhancing regional trade.
“As a leading international bank for Africa, with over 100 years of being in Tanzania, the African continent remains a key corridor not only for Standard Chartered but also our global clients.
We are delighted to have reached this milestone in Tanzania to fund the SGR project that will deliver massive benefits to Tanzania and support the government’s 2025 vision of making Tanzania an industrialized country,” said Sanjay Rughani, Chief Executive Officer of Standard Chartered Tanzania.
The project has already created more than 8 000 new direct employment opportunities for Tanzanians and has opened up opportunities for the local communities surrounding the project area.
Comments
About Author
