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Tanzania, EU Sign Financing Agreement
Tanzania and the European Union (EU) Friday signed an 85-million-euro (about 78.5 million U.S. dollars) financing agreement for the construction of two inter-regional roads in Tanzania.
The Head of Delegation of the EU Commission in Tanzania, Ambassador William Hanna, and the Permanent Secretary in the Ministry of Finance, Peter Ngumbulu, signed the agreement.
According to the EU envoy, the project will comprise the upgrading of 169 kilometers of gravel road to class one bitumen standard.
The two-year project, the largest infrastructure project to be funded by EU in Tanzania, will be carried out under the auspices of the recently formed TanRoads, an agency responsible for road construction and maintenance in the east African country.
Ngumbulu said that the objective of the project was to reduce transport costs in the Great Lake region, improve trade and reduce passenger and freight tariffs.
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