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China Exim Bank Will Lend Tanzania $7.6 Billion for Railway

  • Planned railway line to help Uganda, Rwanda, Burundi traders
  • Construction seen starting by 2017, Tanzanian government says
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Export Import Bank China will lend Tanzania $7.6 billion for a railway that will help the East African nation’s landlocked neighbors including Burundi, Rwanda and Uganda transport goods to its port on the Indian Ocean, a government official said.

Tanzania and Exim Bank China will finalize “technical issues on the contract” and sign the financing deal for the 2,200-kilometer (1,367-mile) project soon, Gerson Msigwa, a spokesman for Tanzania’s presidency, said Wednesday by phone from the capital, Dodoma. The standard gauge line will become a major trade artery between Tanzania and its landlocked neighbors, he said.