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NRZ needs $635 million recapitalisation
13 May 2016 at 01:40hrs | Views
Transport and Infrastructural Development minister Jorum Gumbo has said the National Railways of Zimbabwe needs $635 million recapitalization as the parastatal is currently totally out of order.
Speaking in parliament, Gumbo said the Ministry has been pursuing the recapitalisation of the NRZ.
"The full recapitalisation of the NRZ requires about US$635 million and negotiations with potential financiers are in progress. Hon. Members will appreciate that negotiations involving such amounts are very delicate as one is bound by non-disclosure agreements," he said. "I therefore plead with this House that, in the national interest, my Ministry is allowed to handle those negotiations outside the glare of the public. I will make a Ministerial Statement in due course."
Speaking in parliament, Gumbo said the Ministry has been pursuing the recapitalisation of the NRZ.
"The full recapitalisation of the NRZ requires about US$635 million and negotiations with potential financiers are in progress. Hon. Members will appreciate that negotiations involving such amounts are very delicate as one is bound by non-disclosure agreements," he said. "I therefore plead with this House that, in the national interest, my Ministry is allowed to handle those negotiations outside the glare of the public. I will make a Ministerial Statement in due course."
Source - Byo24News
