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(TALKZIMBABWE) Zimbabwe, Mozambique and Botswana in $7bn rail project

Zimbabwe, Mozambique and Botswana in $7bn rail project
Posted by By Brett Mashingaidze at 12 May, at 02 : 55 AM

ZIMBABWE, Mozambique and Botswana signed a memorandum of understanding for a $7 billion port and rail project. The news was announced by Paulo Zucula, the Mozambican transport minister.

The countries agreed to build a new deepwater port in southern Mozambique and a rail system linking the three southern African countries, Zucula said in a mobile-phone text message to Bloomberg from Maputo, Mozambique’s capital.

Funders, who he didn’t identify, back the project that will start next year and take a decade to complete, Zucula said.

The news comes as the National Railways of Zimbabwe (NRZ) desperately needs more than $452 million to rehabilitate its equipment.

The railways, whose headquarters are in Bulawayo, has faced numerous financial constraints since the imposition of illegal western sanctions on Zimbabwe in the last twelve years.

posted by MrK @ 1:19 PM