Zimbabwe seeks $115 million Afreximbank loan for state rail operator
Zimbabwe's state-owned railway operator, NRZ, is negotiating a $115 million loan from Afreximbank to purchase new locomotives and wagons. The company aims to revitalize its infrastructure and increase freight capacity, which has significantly declined since the 1990s.
Why it matters
Improving rail infrastructure is critical for Zimbabwe's mining sector to reduce logistics costs and boost export efficiency.
HARARE, Sept 17 (Reuters) – Zimbabwe’s state-owned railway company is negotiating a $115 million facility with the African Export-Import Bank (Afreximbank) to purchase locomotives and wagons and expand haulage capacity, an official said on Thursday.
The National Railways of Zimbabwe (NRZ), which now operates under the country’s sovereign wealth fund Mutapa Investments, was talking to the African lender to unlock funds for 10 locomotives and 315 wagons, the fund’s Chief Executive Officer John Mangudya said.
The funds would also be used to repair parts of the NRZ’s railway infrastructure, he added.
Mangudya spoke as NRZ commissioned three locomotives and 100 wagons refurbished under a partnership with Sinosteel’s Zimbabwean ferrochrome unit, Zimasco.
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