Tanzania, Standard Chartered Bank Sign $1.46 Billion Loan to Fund Rail Project

Date : 02/14/2020 @ 10:10AM
Source : Dow Jones News
Stock : Standard Chartered Plc (STAN)
Quote : 626.2  -4.4 (-0.70%) @ 4:35PM
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Tanzania, Standard Chartered Bank Sign $1.46 Billion Loan to Fund Rail Project

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By George Mwangi

Special to Dow Jones Newswires

 

The Government of Tanzania and the Standard Chartered Bank have signed a $1.46 billion loan to fund the construction of a rail project in the east African nation.

The nearly 550-kilometer-long standard-gauge rail project will connect the Indian Ocean port of Dar es Salaam to Dodoma, the administrative capital, the bank said in a statement Friday.

Construction of the first phase of the project, about 200 kilometers from the Dar es Salaam to Morogoro, started in 2017 and is expected to be completed by April this year.

"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," Sanjay Rughani, chief executive officer, Standard Chartered Tanzania, said.

The new railway is expected to ease congestion at the port and decrease freight-service charges by 40%, as the railway will haul up to 10,000 tons of freight, equivalent to 500 lorries per trip, according to the Tanzania Railways Corp.

"For Standard Chartered, Africa remains a priority for our business and clients, and we are proud to be able to use our expertise to support the Government of Tanzania with the finance needed for the SGR project," said Sunil Kaushal, regional chief executive officer, Standard Chartered Africa and the Middle East.

The railway will also connect Tanzania to Burundi, Rwanda and Congo, enhancing regional trade, the statement said.

 

Write to Barcelona Editors at barcelonaeditors@dowjones.com

 

(END) Dow Jones Newswires

February 14, 2020 04:55 ET (09:55 GMT)

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