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Turkish investors arrive for NRZ deal

by Staff reporter
08 Sep 2021 at 05:08hrs | Views
The recapitalisation of the National Railways of Zimbabwe is pacing up, with representatives of the Turkish construction company Yapi Merkezi that is keen to invest in the railway firm, arriving in Zimbabwe yesterday to assess NRZ's infrastructure.

The tour by the Turkish officials is a follow-up to the visit by NRZ board members and senior management to Turkey in June this year, where the two companies signed a memorandum of understanding (MoU) to collaborate in the modernisation and rehabilitation of the country's railway infrastructure. Last night, NRZ organised a dinner at a Harare hotel to welcome the delegation.

NRZ acting public relations manager Mr Martin Banda confirmed the visit by the Yapi Merkezi team, which will give the delegation a first-hand appreciation of the status of the NRZ infrastructure, as well as NRZ short-medium-long-term business and strategic plans.

"It will also provide an opportunity for the visitors to inform the NRZ and the Government of Zimbabwe about their organisation, inter alia its business interests, capability and expectations," said Mr Banda.

During the week-long tour, Yapi Merkezi officials will meet with senior Government officials, NRZ board and management. They will undertake on the spot inspection of the railway line between Harare and Machipanda and between Harare and Dabuka.

The visit by Yapi Merkezi officials comes as the NRZ has cleared its legacy salary arrears that accrued from 2012, after paying out $326 million to employees from its coffers.

The development is expected to make NRZ's balance sheet attractive to potential investors.

Source - the herald
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