Language version

Business

Chinese Companies Win Tender to Construct Railway From Mwanza to Isaka 

Advertisement

Published

on

The Standard Gauge Railway from Mwanza to Isaka in neighbouring Tanzania will be constructed by two Chinese Companies that have won a lucrative tender for this job.

Prof. Palamagamba Kabudi Tanzania’s foreign minister said on Thursday during a presser on the eve of the Chinese foreign minister Wang Yi’s two-day visit to Tanzania.

The Mwanza-Isaka railway stretch will cover a distance of 341 kilometres and construction is estimated to cost TShs3 trillion will be handled by China Civil Engineering Construction (CCEC) and China Railway Construction Company (CRCC).

The Tanzanian government through the Tanzania Railway Corporation (TRC) is constructing a 2,561Km SGR network that links Dar es Salaam, Mwanza, Kigoma, Katavi and neighboring countries of Rwanda, Burundi Uganda and DRC.

The over Sh7 trillion project is being implemented in phases with the first round covering 202km between Dar es Salaam and Morogoro, was initially scheduled to be ready by November 2020 but heavy rains disrupted construction works.

Construction of the first and the second phase is being undertaken by Turkish construction company, Yapi Markez.

The first phase will have six main stations at Dar es Salaam, Pugu, Soga, Ruvu, Ngerengere and Morogoro, with the Dar es Salaam and Morogoro stations being the largest.

The second phase which is under implementation involves 422km between Morogoro and Makutupora in Singida with the project set to be completed within 36 months at a cost of $1,924 billion.

The railway is East Africa’s fastest and will use electricity to move trains will travel at 160km per hour and transport 10,000 tonnes of freight which is equivalent to 500 cargo trucks.

Upon completion, the SGR project is expected to payback the investment value after 15 years.

In October 2020, Tanzania government signed $60 million (about Sh138 billion) contract with a South Korean firm to supply trains for the standard gauge railway (SGR).

 

The Citizen

 

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Bralirwa Shares Trading Badly On Rwanda Stock Exchange

Published

on

Since the just concluded festive season, Rwanda’s largest brewer has not been in good books with its clients as retailers repeatedly complain of lack of some products and  sometimes rationing of beers.

“It is very hard to get grand Primus beers. Every time I send someone to get them from the depot we are told that distributors  haven’t supplied,” says Christine Nyiramariza a bar owner in Gatsibo district.

Trending on twitter is a very confusing situation of Amstel beer filled in Mutzig bottles.

According to Rwanda Stock Exchange, as of Friday, the value of Bralirwa share had dropped to Rwf124.

Continue Reading

Business

Equity Bank Gets £37m From British Agency To Lend SMEs

Published

on

UK’s Minister for Africa, Vicky Ford MP (pictured above) said his government was extending a total of £37 million to Equity Bank Kenya for onward lending to small businesses.

“Our economic partnership is delivering impressive results, and we have some ambitious, exciting plans for the future. Plans that will deliver for Kenya, and for the UK, long into our shared future,” she said.

This money is being channeled through UK’s development finance institution British International Investment (BII) – formerly known as CDC Group. BII is a key part of the UK government’s wider plans to mobilise up to £8 billion a year of public and private sector investment in international projects by 2025.

This will include BII partnering with capital markets and sovereign wealth funds to scale up financing and help the private sector move in.

BII will prioritise sustainable infrastructure investment to provide clean, honest and reliable financing and avoid low and middle-income countries being left with bad and unsustainable debt.

Ford also stated that the UK will increase its support for green manufacturing in Kenya by providing an additional £400,000 to help Kenya build a green manufacturing industry, increasing its support to the Ministry of Trade and the wider Kenyan manufacturing sector in this area.

Green manufacturing was highlighted by President Kenyatta at COP26 as a key opportunity for Kenya to create new green jobs.

The funding through the UK’s Manufacturing Africa programme will provide expert analysis and advice on how government policy and the organised private sector can help build this industry and create new green jobs for Kenyans.

Kenya is already the third biggest portfolio for BII, with Sh42 billion investments across 83 companies. Those companies support 36,350 jobs and pay Sh2.6 billion in taxes.

“This is how we will deliver world-class projects, characterised by high standards and outstanding expertise, without forcing huge new debts onto countries such as Kenya,” she said.

Continue Reading

Business

Meet This Female Entrepreneur, Rusamaza, Fixing Property Taxes For Rwandans In Diaspora

Published

on

If you own a property and you don’t have the time to manage how these properties are taxed, then there is a likelihood that you could find yourself in tax penalties.

Arguably, the risks for tax penalties are higher for those in the diaspora, for example. Such cases are no exception in Rwanda, where members of the diaspora community find themselves in tax penalties they have no knowledge about because they are miles away to understand the policies that affect their properties.

Iwacu Diaspora (IDN), a local company aspires to bring Rwandans closer to their properties in distance.

Daniella Rusamaza, the founder of the Iwacu Diaspora is a solution for the problem at hand.

She follows up properties of Rwandans living abroad, manages their properties, and makes sure that they have no tax illegalities.

Prior to launching the company, Rusamaza worked as a bank attendant, where she attended clients from diaspora whose properties were depreciating because they had no agent to look after them.  

According to Rusamaza, Iwacu Diaspora company ltd is a brainchild of a dire need to bring nearer the diaspora people to their properties.

“The idea of starting this company came when I was still a bank attendant where I worked for six years dealing with Rwandans in Diaspora who sought different services such as loans. Most of these people I met, however, highlighted the challenge of managing the properties they left home including houses, land, and other personal services. And I was inspired to start a company,” she says.

During her tenure as a bank attendant, Rusamaza learnt that the majority of Rwandans who lived abroad were hampered by the inability to manage their properties back home particularly those with rental houses, and at times, she could hear them lamenting for not being paid on time.

Furthermore, she discovered a number of Rwandans were incurring losses as a result of tax penalties and these discouraged their will of re-investments at home as a result.

“Through these challenges, I was inspired to start my company that would provide a solution to the problem at hand.” 

As a way of achieving the company’s target, for instance, Iwacu Company Diaspora Network is currently helping taxpayers in the diaspora to pay property taxes before they are caught with Rwanda Revenue Authority deadline scheduled to end on 31 this month.  

In addition, Rusamaza warns that delaying to declare taxes attracts unnecessary fines which the taxpayers can avoid before time.

“We are now helping diaspora people who want to declare their property tax in Rwanda. We strongly urge people to register before time set because penalties come with losing ownership rights of land and fines.”

“There are a number of people living abroad who have no information on paying taxes, some do not have their local agents to help them to re-register outdated land titles. So we are here as a bridge to help them sort all their tax payment by just accessing their UPI numbers.”

“Rwandans living abroad and those in the country should avoid late tax declaration on deadline because it can attract fines and remittances and the fines are always a burden,” she advises.

Continue Reading

Trending