The Cabinet has approved the National Railways of Zimbabwe (NRZ)’s recapitalisation programme which will see the ailing company going into the market to source funding through technical partners and institutional investors.
Previously, the company decided to establish a recapitalisation steering committee headed by the board’s deputy chairperson, David Chiveza. “This committee clearly defined what our needs as NRZ were and how we envisaged the recapitalization programme to come out and that process took us a good six month to come up with a framework,” NRZ board chairperson Larry Mavhima said.
In the approval, the cabinet also stressed the need to rehabilitate and modernize the current railway systems and to build new railway lines to link the country to the Indian and Atlantic sea ports. The NRZ plans to establish eight new lines across the country. Some of the new routes include the Lion’s Den-Chirundu, Kadoma-Sengwe, Mvuma-Mutare and the Harare-Nyamapanda line.
Share on:
