twitter Facebook Linkedin acp Contact Us

Standard Chartered funds US$1.46bn for Tanzania’s SGR Project

SGR project will deliver massive benefits to Tanzania and support the government’s 2025 vision of making Tanzania an industrialised country. (Image source: Standard Chartered)

The government of Tanzania Ministry of Finance has signed a US$1.46bn facility agreement with Standard Chartered Tanzania to fund the construction of Standard Gauge Railway (SGR) project from Dar es Salaam to Makutupora

Running approximately 550km long, the SGR project is one of the country’s leading projects connecting Dodoma to Dar es Salaam via Morogoro and Makutupora. Once complete, the SGR Rail project will provide a safe and reliable means for transporting people and cargo to and from the existing Dar es Salaam Port.

According to the Tanzania Railways Corporation, the railway will address congestion challenges and decrease freight service charges by 40 per cent, as the railway will be able to haul up to 10,000 tonnes of freight, equivalent to 500 lorries, per trip. It will connect Tanzania to Burundi, Rwanda and The Democratic Republic of Congo (DRC), enhancing regional trade.

SGR project has created more than 8,000 direct employment opportunities

The minister of finance and planning Dr Philip Mpango commented, “With the help of Standard Chartered and our partners, the project financing will further increase direct employment in Tanzania, and more importantly, enable our local communities the thrive as they will be able to gain access to wider social services such as food and housing.”

Besides, Mpango thanked the governments of Sweden and Denmark, which were represented by their ambassadors in Tanzania, for their confidence in the country’s economic growth. Mpango further commended the roles of the Development Bank of Southern Africa (DBSA), the Trade and Development Bank (TDB) and the African Export-Import Bank (Afrexim) for supporting the project in partnership with Export Credit Agencies from Denmark and Sweden.

Sanjay Rughani, CEO at Standard Chartered Tanzania, noted that the SGR project will deliver massive benefits to Tanzania and support the government’s 2025 vision of making Tanzania an industrialised country.

Sunil Kaushal, regional CEO at Standard Chartered Africa and the Middle East, said, “There is a considerable appetite from the global investment community into Africa, with 80 per cent of our top corporate and institutional clients using our Africa and Middle East network.”

The Bell team in Richards Bay consists of more than 800 machinists, welders, and assemblers. (Image source: Bell)

GFE Power Product’s extensive range covers generators from 10 kVA up to 3,000 kVA. (Image source: GFE Power Products)

The funding is the largest-ever equity raise in the minigrid industry according to Husk. (Image source: Adobe Stock)

The initiative will help African contractors participate in annual infrastructure investments. (Image source: Afreximbank)

ITS has evolved into a sophisticated systems approach, providing numerous opportunities to revolutionise road networks. (Image source: Adobe Stock)

Invest International’s Lara Muller; Ivory Coast Minister of Finance and Economy, Adam Coulibaly; and Ambassador Designate to Ivory Coast, Jeroen Kelderhuis. (Image source: Invest International)

The Yellow Metal Machine Rental team with some Wacker Neuson equipment. (Image source: Wacker Neuson)

Although displaying resilience, the report warns that African banks remain exposed to physical climate risks due to both sovereign and industry lending. (Image source: Adobe Stock)

WAA and VCMI will seek to establish regulatory frameworks to enable access to high integrity and fair voluntary carbon markets for WAA member countries. (Image source: Adobe Stock)

The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices. (Image source: TBD Group)

Inside Condra’s Johannesburg factory: an overhead crane positions an electric motor during assembly of hoist and crab. (Image source: Condra)

IVECO is renewing its entire product range, all at once. (Image source: IVECO)

The MoU was signed alongside the Africa Health Business Symposium. (Image source: Africa CDC)

Both the IMF and EIU expect SSA to rank as the world’s second fastest growing economy in 2024. (Image source: Adobe Stock)

There has been a focus on the sugar industry. (Image source: Adobe Stock)

At WFES, Gotion High-tech will showcase its latest products and leading green energy solutions at its booth. (Image source: Gotion High-tech)

The new Perkins 5012 is a full-authority electronic engine optimised and purpose-built for power generation applications. (Image source: Perkins)

SSAB will begin deliveries of the new products in 2026.

The key issues restricting sub-Saharan Africa’s manufacturing sector will be unpacked at Manufacturing Indaba later this year. (Image source: Adobe Stock)

Through the innovative solution, each vessel can fill two tank containers on average between two ports. (Image source: Maersk)

Hyphen is developing sub-Saharan Africa’s largest, most advanced and only fully-vertical integrated green hydrogen project. (Image source: Hyphen)

According to Liebherr, the Used Equipment Marketplace is extremely user-friendly. (Image source: Liebherr)

Electricity storage will be pivotal in unlocking renewable projects and meeting energy demand. (Image source: Adobe Stock)

With RFID, assets can be given unique digital identities that enable users to identify and locate them all at once, from a distance, in real time. (Image source: Brady)

Africa Data Centres and DPA SA have broken ground on their solar farm in the Free State. (Image source: Africa Data Centres)

A Cat PM310 Cold Planer in action. (Image source: Caterpillar)

A larger stockholding of WEG products facilitates ready access for customers. (Image source: WEG Africa)

African nations have turned to the concept of power pools to address the continent's energy deficit and foster regional cooperation. (Image source: Synergy Consulting)

Dietmar Siersdorfer is expanding his role as Middle East managing director at Siemens Energy to include Africa. (Image source: Siemens Energy)

SEW-EURODRIVE is aggressively driving its African resource expansion by focusing this year on Botswana, Zimbabwe, Eswatini and Mozambique. (Image source: SEW EURODRIVE)