Financial Stand
Latest financial, market, economic news, stock markets, economy, and analysis from Financial Stand as it happens around the world.

Tanzania and Burundi sign $900 million railway deal to boost trade

Tanzania and Burundi have signed a a memorandum of understanding (MoU) to construct a 282 kilometres-long rail line connecting both countries.

Tanzania and Burundi sign $900 million railway deal to boost trade

Tanzania and Burundi have signed an agreement to build a $900-million railway that will connect the neighbouring East African nations.

The two sides signed a memorandum of understanding to construct a 282 km line from the western Tanzanian town of Uvinza to Burundi’s capital Gitega. Finance and transport ministers from the two countries signed the deal in the western Tanzanian town of Kigoma on Sunday, Tanzania’s finance ministry said in a statement.

Tanzania, which wants to become a regional trade and transport hub, is building a standard gauge railway line to connect the port of Dar es Salaam to landlocked neighbors, including the Democratic Republic of the Congo.

The two governments will jointly seek financing for the railway, Tanzania Finance Minister Mwigulu Nchemba said, adding that the final cost “will likely not exceed $900-million.” He didn’t provide details on the source of financing.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

en_USEnglish