East Africa’s Rift Valley Railways, operator of the only rail line linking Kenya’s Indian Ocean coast with Uganda, said it had funding of 2.2 billion Kenyan shillings (USD 24.80 million) to buy 20 locomotives to be delivered by next April.
Rift Valley Railways (RVR) is expected to face competition from a new railway being built with Chinese financing from the port city of Mombasa to the Ugandan border that is due to be completed in the coming years.
RVR said it had a loan from South Africa’s Standard Bank and its Kenyan unit, CFC Stanbic. RVR will provide the remainder of the funds.
It said it had already received three locomotives, built by General Electric.
Source: http://af.reuters.com
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