World Bank loan to up­grade port

The Star Early Edition - - BUSINESS REPORT | INTERNATIONAL -

TAN­ZA­NIA will re­ceive a $305 mil­lion (R4.6 bil­lion) loan from the World Bank to ex­pand its main port in its main com­mer­cial city Dar es Salaam, where con­ges­tion and in­ef­fi­cien­cies are ham­per­ing am­bi­tions to trans­form the east African na­tion into a re­gional trans­port hub. The port, whose main ri­val is the big­ger but also con­gested port of Mom­basa in Kenya, acts as a trade gate­way for land­locked African states such as Zam­bia, Rwanda, Malawi, Bu­rundi and Uganda, as well as the eastern re­gion of the Demo­cratic Repub­lic of the Congo. The World Bank said in a 2014 re­port that in­ef­fi­cien­cies at Dar es Salaam port was cost­ing Tan­za­nia and its neigh­bours up to $2.6bn a year. – Reuters

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