Sunday, November 30, 2014

World Bank: $ 1.2 billion for infrastructure projects in Africa

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World Bank said it will lend the East African countries of $ 1.2 billion to improve internal waterways and ports in Kenya and Tanzania as part of efforts to strengthen integration in the region. The bank said the funds would be used to revive the inland waterways in Lake Tanganyika and Lake Victoria and to improve the capacity and efficiency in the ports of Mombasa and Dar es Salaam. The total size of the EAC's five-nation economy of Uganda, Rwanda, Burundi, Kenya, Tanzania $ 110 billion and is working on the preparation of plans for infrastructure across the border to increase its attractiveness to potential funders. On the oil and gas discovery in Kenya, Uganda and Tanzania to explore the area hot spot. The bank said in a statement issued during a meeting of the EAC in the Kenyan capital Nairobi that "the investments and support for the World Bank Group for reforms expects boom is being extracted in the region and facilitate people and goods and the movement of capital." He added that this funding is intended to help EAC investment plans during the period ranging between three years and the next seven years. He said, "Vlberto Cypritjondy", the representative of the European Union at the meeting that the Union is ready to support projects worth up to 600 million euros, "$ 750 million"

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