Tanzania requests for loan to Turkish Eximbank to fund new SGR

Tanzania requests for loan to Turkish Eximbank to fund new SGR

Jan 24, 2017: Tanzania is looking for funds from state-owned Export Credit Bank of Turkey (Eximbank) to help finance a stretch of a new railway that may help open up east Africa's hinterland and compete with Kenya as a trade hub.

Tanzania plans to construct a 2,561 km standard gauge railway in an effort to connect its main port of Dar es Salaam to landlocked neighbouring countries like Democratic Republic of the Congo, Zambia, Rwanda and Uganda.

President John Magufuli has made the funding request to visiting Turkish President Recep Tayyip Erdogan during talks in Dar es Salaam on January 23. Turkish firms are among those that have submitted bids for the standard gauge project.

Magufuli said he sought financing for a more-than 400 km stretch of track."I am confident that we will secure that loan," the Tanzanian leader said during a press briefing.

Turkey has extended trade ties with Africa since Erdogan came to power in 2002, thus bolstering strategic influence on a continent where China and other donors like Britain, France and the European Union have a strong presence.

In July, Tanzania secured a $7.6 billion loan from China's Export-Import Bank (Exim) to build part of the new railway network.Magufuli and Erdogan signed nine agreements covering defence, transport, industry and trade. Trade between Tanzania and Turkey almost trebled to $190 million last year from $66 million five years earlier.

 

Related Posts

Royal Air Maroc leases Boeing 737-800 from ALC

Royal Air Maroc leases Boeing ...

June 27, 2017: Air Lease Corporation (ALC) has announced the delivery of one 737-800 aircraft on long-term lease to Royal Air Maro ...

RwandAir enables digital route for ticket payments

RwandAir enables digital route ...

Jun 27, 2017: RwandAir, the national carrier of the Republic of Rwanda has recently announced that it has enabled digital routes f ...

$64 million port exclusive for salt exports opens in Djibouti

$64 million port exclusive for ...

Jun 27, 2017: Djibouti has opened the Port of Goubet with the main aim of making it a key terminal for salt exportation, with a ca ...

Air Malta reintroduces service to Tunis after 8 year

Air Malta reintroduces service ...

Jun 27, 2017: Air Malta has launched a new scheduled service to the North African City of Tunis. This service also heralds the nat ...