Awards for Excellence 2020
Standard Chartered’s contribution to the development of African markets this year was shown in several transformational infrastructure deals, including Tanzania’s light railway and a huge offshore oil drilling rig in Angola. This contribution makes it Euromoney’s best bank for financing in Africa.
Investment in infrastructure remains a critical need on the continent. Standard Chartered has worked alongside export credit agencies and multilateral development banks to deliver power plants in Ghana, infrastructure in Uganda and light rail in Tanzania.
In February, it signed a $1.46 billion loan agreement with Tanzania to fund the construction of 550-kilometre standard gauge railway running between Dar es Salaam and Makutupora in the centre of the country.
According to the Tanzania Railways Corporation, it is expected that the line will address congestion challenges and decrease freight service charges by 40%, as it will be able to carry up to 10,000 tonnes of freight, equivalent to 500 lorries, per trip. The project has created around 8,000 new jobs.