TANZANIA TO GET FUND FOR SGR AND POWER PROJECTS

Tanzanian receive US$200 million loan from Credit Suisse bank to help meet the nation development goals.

Tanzania is to receive the sum of US$200 million (about Sh452 billion) loan from Credit Suisse for its project. The fund will help boost the country power generation and railway projects.

The deal was sign during a meeting between Minister for Finance and Planning and a delegation from Credit Suisse. It will also help the the country meet its goals.

Minister for Finance and Planning, Dr Phillip Mpango said “We have made progress in the securing of the loan. He also said  we are confident that we will get $200 million within the financial year 2018/19.”

The fund will help the nation which have some of the strategic development projects that the government was undertaking. The development include construction of the Standard Gauge Railway line, purchasing of airplanes for Air Tanzania Company Limited (ATCL) and the Rufiji Hydropower Project.

Managing Director of Credit Suisse Bank, Lawrence B. Fletcher said ”The bank was supporting the projects in order to help Tanzania to meet its development goal of becoming a semi-industrialised middle income country”

The two parties agreed on the need to cooperate in the execution of development projects.

For more information, go through other articles on GambetaNews.