In a bid to improve ports and inland waterways in Kenya and Tanzania, the World Bank is to loan US$1.2 billion to East Africa.
According to Reuters, the investment will be used to integrate the region by improving the handling capacity and efficiency of Dar es Salaam Port in Tanzania and the Port of Mombasa in Kenya. .
The five-nation East African Community, which also comprises Uganda, Rwanda and Burundi, is working to prepare cross-border infrastructure plans in a bid to attract more investors.
The World Bank said in a statement: “The World Bank Group's investments and support to reforms anticipate the boom of extractives in the region and will facilitate easier movement of people, goods and capital.”
The bank added that the funding was to help the region’s investment plans over the next 3-7 years.
A European Representative, Filiberto Sebregondi, said that the EU was ready to support projects worth up to $750 million.
World Bank in $1.2 bn African Port Drive. (Source: Construction Review Online)