TANZANIA RAILWAYS RECEIVES SH12 BILLION LOAN FROM TIB DEVELOPMENT BANK TO REVIVE OPERATIONS

TIB Development Bank Managing Director, Peter Noni.

Dar es Salaam. Tanzania Railway Limited received Sh12 billion from TIB Development Bank (TIB) to boost its running capital and hence improve operations.

Briefing reporters yesterday, TIB Managing Director Peter Noni, was optimistic that the package will help to revive the ailing railway sector in the country.

Mr Noni also revealed that his bank was in advanced talks with TRL in ensuring that it acquires new locomotives to ease transport of cargo and passengers.

“We are delighted to work with TRL, we also hope that this major investment will help TRL to regain its lost glory,” noted Mr Noni without disclosing the number of expected locomotives.

For his part, TRL’s board chairman, Severine Kaombwe, promised to hit the ground running upon receiving the capital, adding that it would help in the day to day operations of TRL.

 “We have been limping all the way. We need to put our house in order and get new locomotives on board to ease transportation of cargo and passengers.

“With the running capital now made available to us, we will work tirelessly to ensure we achieve that,” he said.

At the moment, a huge chunk of containers from the port are transported by truck operators due to the inconsistency of the railway sector in Tanzania.

According to Mr Kaombwe, TRL was determined to have transported close to 3 million tonnes of cargo by 2016.

“Every year we handle 250,000 tonnes. We hope to achieve that figure when we get new locomotives,” he noted.

The Citizen