China Exim Bank to lend Tanzania $7.6bn for railway

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, reports Bloomberg. 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, according to the Tanzanian government. The standard gauge line will become a major trade artery between Tanzania and its landlocked neighbors. The East African nation is the continent’s fifth-biggest gold producer and has estimated reserves of 58 trillion cubic feet of natural gas being developed for export by companies including Statoil ASA and BG Group Plc.