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Kuwait fund lends $51m to Tanzania for road works

The project involves the construction of 85km of the Nyahua-Chaya Road section, which is part of the Dar Es Salaam-Kigoma Corridor

The agreement was signed in Dar es Salaam.
The agreement was signed in Dar es Salaam.

Kuwait will lend $51m (KWD15m) to Tanzania to assist in the construction of a road project in the country.

Kuwait Fund for Arab Economic Development (KFAED) signed the loan agreement with Tanzania to finance the Nyahua-Chaya Road project.

Hamad Al-Omar, KFAED's deputy director-general signed the agreement with Dr Philip I Mpango, minister of finance and planning (MP) of Tanzania.

The project involves the construction of 85km of the Nyahua-Chaya Road section, which is part of the Dar Es Salaam-Kigoma Corridor.

The loan will cover approximately 78% of the total cost of the project, while the remaining costs of the project, as well as any increase that may arise, will be covered by the Tanzanian government, according to a company statement.

The loan will mature over a period of 27 years, which includes a grace period of five years, and will be repaid in 44 semi-annual installments.

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Construction Week - Issue 754
Nov 23, 2019