The British Standard Chartered Bank has announced that it will release a total of $1.46billion to the government of Tanzania for construction of second phase of the Standard Gauge Railway (SGR).
The Railway will connect Morogoro to Makutupora in Dodoma region.
Bill Winters the Standard Chartered Bank Group Chief Executive confirmed that the bank had agreed to grant the loan.
Tanzania is currently building the first phase of the SGR project extending from Dar es Salaam and Morogoro.
“We will build it up to Makutupora in the second phase. In the later phases we will connect the SGR to Isaka and Mwanza- and ultimately to Rusumo working in close cooperation with our Rwandan counterparts until it reaches Kigali,” Tanzania’s Finance and Planning Minister Phillip Mpango said Wednesday.
Simillary, Tanzania is also working on High-speed electric railway that will connect from Dar es Salaam to Morogoro at a cost of $1.92billion. The Turkish firm Yapi Merkezi Insaat VE Sanayi is building the 422-km part of the line.