Tanzania secures $1.46b SGR loan from Stanchart
SATURDAY SEPTEMBER 15 2018
President John Magufuli inspects construction works of the SGR project in Dar es Salaam. PHOTO | NMG
In Summary
- Funds will enable Tanzania to build the 430km line between Morogoro and Makutupora.
- Already, the government has allocated $700 million for its SGR projects in the 2018/2019 annual budget.
- Last year, President John Magufuli launched a 525km line between Dar es Salaam and Morogoro, which is being funded by the Turkey Exim Bank to the tune of $1.2 billion.
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By ALLAN OLINGO
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Tanzania has secured a $1.46 billion concessional loan from the Standard Chartered Bank's Group to fund its standard gauge railway line between Morogoro and Dodoma.
Finance Minister Dr Philip Mpango said the new loan was part of an agreement reached with Standard Chartered Bank Group executive director Bill Winters in Dar es Salaam, which would go to fund the 430km line.
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