Watch out Durban as Tanzania upgrades roads, railways, telecoms

Tanzania has secured a sevenyear US$250-million loan that will be used to pay for the upgrading of roads, railways and telecommunications, according to finance and economic affairs minister Mustafa Mkulo. Tanzania has increased infrastructure spending in its 2011/12 budget by 85% to 2.78-trillion shillings (R12.7 billion). Dar es Salaam is replacing Durban as the preferred port for exports and imports in the Copperbelt and other landlocked countries in the region. In an unusual move, a consortium of private banks led by Stanbic will provide the money, rather than an institution such as the World Bank.