The Tanzania-Zambia Railway Authority (TAZARA) is in need of urgent capital injection of about US$250 million and US$1.2 billion of investments in the short and long term respectively.
TAZARA Managing Director Bruno Ching’andu has since called on private investors to tap into the US$1.2billion investment gap in order to revive the railway firm.
Mr. Ching’andu said that the struggling firm needs an urgent capital injection for among many projects, the rehabilitation of the railway line and equipment.
ZANIS reports that the TAZARA Managing Director was speaking when he made a presentation to the 7th 2016 East and Central Africa Roads and Rail Summit in Dar es Salaam yesterday.
And Mr. Ching’andu assured the summit that the two shareholding governments of Zambia and Tanzania were in the process of revising the TAZARA Act in order to make the company more commercially viable and attractive to private players.
He also disclosed that TAZARA is taking measures to reclaim the market share of the available cargo destined to or originating from Malawi, Zambia and the Democratic Republic of Congo, cargo that was directly captive to TAZARA.
Mr. Ching’andu reaffirmed that TAZARA’s most desired goal was to make meaningful contributions to the development of the economies of Tanzania and Zambia.
This is according to a statement issued to ZANIS in Lusaka today by TAZARA Head of Public Relations, Conrad Simuchile.