business / economy
$7 billion railway project on the cards
12 May 2011 at 06:46hrs | Views
Paulo Zucula, the Mozambican transport minister has announced that Zimbabwe, Mozambique and Botswana signed a memorandum of understanding for a $7 billion port and rail project.
The countries agreed to build a new deepwater port in southern Mozambique and a rail system linking the three southern African countries, Zucula said in a mobile-phone text message to Bloomberg from Maputo, Mozambiqueís capital.
Funders, who he didnít identify, back the project that will start next year and take a decade to complete, Zucula said.
The news comes as the National Railways of Zimbabwe (NRZ) desperately needs more than $452 million to rehabilitate its equipment.
The railways, whose headquarters are in Bulawayo, has faced numerous financial constraints since the imposition of illegal western sanctions on Zimbabwe in the last twelve years.
The countries agreed to build a new deepwater port in southern Mozambique and a rail system linking the three southern African countries, Zucula said in a mobile-phone text message to Bloomberg from Maputo, Mozambiqueís capital.
Funders, who he didnít identify, back the project that will start next year and take a decade to complete, Zucula said.
The news comes as the National Railways of Zimbabwe (NRZ) desperately needs more than $452 million to rehabilitate its equipment.
The railways, whose headquarters are in Bulawayo, has faced numerous financial constraints since the imposition of illegal western sanctions on Zimbabwe in the last twelve years.
Source - Bloomberg
