TANZANIAN President Jakaya Kikwete has announced a joint plan with neighbouring Rwanda and Burundi to raise US$3.5 billion to build a railway through the three countries to boost regional investment and trade through Port of Dar es Salaam.

    Dar es Salaam is closer to the Indian Ocean for Burundi, Rwanda and the eastern region of the Democratic Republic of Congo than Kenya's Mombasa, reported Bloomberg. Ninety-four per cent of cargo to Burundi, 57 per cent to Rwanda and 67 per cent of exports from Rwanda are trucked to Dar es Salaam.

    "We are ready to borrow, preferably from concessional sources," he said. "We are ready to go into partnership with private companies that can raise the money for construction of the railway," said President Kikwete.

    The East African countries want the project either to be on a build, operate and transfer basis or a joint venture, he said. The railway would attract investment into industries including nickel mining in Burundi and Tanzania, according to studies funded by African Development Bank, the US Government and American railway Burlington Northern Santa Fe.

(Source:http://www.schednet.com)