Standard Chartered arranges $2.33 billion for Tanzania railway
Quidah is an online platform that connects investors with curated opportunities and expert insights on Africa’s emerging markets, while offering businesses promotional services, partnership facilitation, and market intelligence to attract capital and grow their operations.
Industries
Standard Chartered Bank has arranged a $2.33 billion syndicated financing facility for Tanzania’s Standard Gauge Railway project, the lender said on Tuesday. The money will fund two stretches of the 1,219 km railway linking Dar es Salaam, the country’s commercial capital and main port, with Mwanza on Lake Victoria.
The project is part of Tanzania’s push to build a modern railway network of at least 2,561 km. Officials want the system to connect the East African country with neighbouring Rwanda, Burundi, Uganda and the Democratic Republic of Congo.
Turkey’s Yapi Merkezi and China Civil Engineering Construction Corporation will carry out the works, according to the bank’s statement. Funding came from export credit agencies, commercial banks and development finance institutions.
The railway is expected to improve transport for both passengers and cargo across key growth corridors in western Tanzania and beyond. Standard Chartered said the project would also help spur economic development in the interior of the country.
