The National Railways of Zimbabwe (NRZ)’s revival is ongoing as the parastatal seeks to finalise a deal with South Africa’s Transnet and a consortium of local investors, the Diaspora Infrastructure Development Group, it has emerged.
This was revealed by the company’s general manager Lewis Mukwada who also said that in total, NRZ requires $400 million for recapitalisation.
He said: “Out of that $400 million (recapitalisation deal), about $120 million or so is going towards the track infrastructure itself, a further $100 million or so is going towards signalling and communication, information communication technology and so on.
Then the balance will go towards new locomotives, new wagons and rehabilitation of the existing locomotives and wagons. So… we looked at our system and then identified the critical areas where we needed to invest. That’s how we came up with that budget of $400 million.
We have just been given another six months to pursue the discussions [with Transnet] further and as we talk, next week we are going to be engaging again with the consortium in further negotiations and further discussions to push the deal.”