East African countries are yet to secure funding for the construction of the regional standard railway that is envisaged to be complete by 2018.  

Clever Gatete, the Minister for Finance in an interview with The New Times on Tuesday, said Kenya, Uganda and Rwanda have signed a memorandum of understanding with Africa50 Infrastructure Fund as part of efforts to secure project funding.

East African Heads of State, at their recent Northern Corridor projects Summit in Nairobi, directed finance ministers to expedite the joint resource mobilisation and harmonise project procurement at regional level.

Ministries responsible would also expedite the signing of the standard gauge railway protocol before the next summit scheduled for next month in Kigali.

"We have already signed a memorandum of understanding with Africa50 infrastructure fund and are also looking at the private sector to help finance the project. I hope by 2018, the railway line will be operating,” he said.

Africa50 Infrastructure Fund was established by African Development Bank to mobilise private financing to accelerate infrastructure development in Africa.

The Fund focuses mainly on high-impact national and regional projects in energy, transport, ICT and water sectors.

The Nairobi-Kigali standard gauge railway, is estimated to cost about $13.5 billion.

Jules Ndenga, the acting head of planning and policy coordination at the Ministry of Infrastructure, said Africa50 will help come up with the project packaging that will be presented to potential international investors who would finance the project.

He said within 12 months, the package that includes the actual costs, returns on investment and others will be done.

"Africa50 is our transaction advisor but it might also contribute to the funding,” he said.

Ndenga added that by the end of the month, the contractor to map the Kigali-Kampala railway will be announced. The mapping, expected to cost about $6 million will be complete by the end of the year, he said.

Rwanda, like several regional countries ,heavily depends on Mombasa port for import as well as export transportation.  Over 3,000 cargo trucks leave Mombasa port daily, making it the busiest port in the region.