For the Standard Gauge Railway project in Tanzania, Standard Chartered Bank has successfully set up a $2.33 billion syndicated finance arrangement, the bank announced on Tuesday.
The funds will support two sections of a proposed 1,219 km railway that will connect the lakeside city of Mwanza with the commercial hub and port of Dar es Salaam.
The project will be carried out by China’s China Civil Engineering Construction Corporation and Turkey’s Yapi Merkezi, according to the bank’s statement.
It also stated that funding was obtained from commercial banks, development finance organizations, and export credit agencies.
“The construction and modernization of the Standard Gauge Railway will connect the port of Dar es Salaam to key growth corridors in western Tanzania and neighboring states, providing a reliable mode of transportation for people and cargo,” the bank announced.
The SGR will promote Tanzania’s interior regions’ economic growth.
To connect the East African nation with its landlocked neighbors, Rwanda, Burundi, Uganda, and the Democratic Republic of the Congo, Tanzania plans to build a contemporary railway network spanning at least 2,561 kilometers.
