News / National
DBSA finally approves $750 million for NRZ
26 Nov 2014 at 02:14hrs | Views
THE Development Bank of South Africa (DBSA) has finally approved the $750 million loan facility meant for the renovation of the National Railways of Zimbabwe.
Transport and Infrastructural Development Minister Obert Mpofu, told journalists after touring the Victoria Falls International Airport on Monday that the government and DBSA would this week conclude the necessary paperwork as the bank had agreed to finance the recapitalisation of the struggling parastatal.
"A lot is being done, we're talking to DBSA who have agreed to fund the rehabilitation of the entire railway system. It's a done deal and in the next few days we will be getting the paperwork finalised and start working on the project," said Mpofu.
The NRZ has in the last few years been operating at minimal capacity and is failing to move its cargo due to obsolete equipment. Its workers have also gone for several months without pay.
Dr Mpofu said the DBSA loan would cover rehabilitation of the railway line and locomotives.
The Minister said they had also found an investor for the Harare-Beira Railway line whose rehabilitation was also on the cards.
Transport and Infrastructural Development Minister Obert Mpofu, told journalists after touring the Victoria Falls International Airport on Monday that the government and DBSA would this week conclude the necessary paperwork as the bank had agreed to finance the recapitalisation of the struggling parastatal.
"A lot is being done, we're talking to DBSA who have agreed to fund the rehabilitation of the entire railway system. It's a done deal and in the next few days we will be getting the paperwork finalised and start working on the project," said Mpofu.
Dr Mpofu said the DBSA loan would cover rehabilitation of the railway line and locomotives.
The Minister said they had also found an investor for the Harare-Beira Railway line whose rehabilitation was also on the cards.
Source - chronicle
