Standard Chartered Bank arranges $1.46 billion for railway in TanzaniaChristian Fernsby ▼ | February 14, 2020
The Government of Tanzania Ministry of Finance has signed a facility agreement with Standard Chartered Tanzania for a US$ 1.46 billion term loan financing to fund the construction of the Standard Gauge Railway (SGR) project from Dar es Salaam to Makutupora.
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Topics: Standard Chartered railway Tanzania
Once complete, the SGR Rail project will provide a safe and reliable means for efficiently transporting people and cargo to and from the existing Dar es Salaam Port.
According to the Tanzania Railways Corporation, it is expected that the railway will address current congestion challenges and decrease freight service charges by 40%, 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, DRC, thereby playing a key role in enhancing regional trade. ■