The Industrial Development Corporation says it will secure $1bn to invest in rolling stock and infrastructure that will modernise Zambia Railways Limited.
Group CEO Mr Mateyo Kaluba says negotiations are currently ongoing with development financiers and are expected to conclude before the end of the year.
He said the funds will be invested in rolling stock and new infrastructure such as upgrading of the rail tracks which will enable trains move at a desired speed of 80km per hour for freight trains and 120km per hour for passenger trains.
Mr Kaluba was confident that the new Board will play a role in transforming Zambia Railways to profitability and into a transnational hub in the SADC region.
He further assured the Board of IDC’s full support as shareholder.
Mr Kaluba said this during the inauguration of the ZRL board of directors yesterday.
And ZRL board chairperson, Dr Evans Chabala said his board is ready to provide entrepreneurial leadership to turn around the fortunes of ZRL.
The Board members are: Dr Evans Chabala (chairperson), Ms Christabel Reinke (vice – chairperson), Mr Abel Ng’andu, Mr Stanley Mwanguku, Mr Muchindu Kasongola, Mr Stephen Mbewe and Mr Christopher Musonda (ZRL CEO).
What’s there to show for $120m Eurobond that was given to ZR; Train still cruises at 30km/h top speed. I doubt if $1b can be used prudently.
What about the $120m Euro bond. What did it do? Nothing. Trains still cruise at snails pace. Don’t take us in more debt by borrowing $1b which is likely to go in people’s pockets
Zambia railways is just another pf akalilo. Sata got €400 eurobond in their name. And eat & left a will for his family. Next just a few months back transport permanent secretary announced that they had paid $ millions as advance to a contractor who was going to upgrade Zambia railways & the rail line would extend to Zimbabwe, Mozambique, Botswana & south Africa. The money was paid upfront. The story has died. Today they want to steal more. Pf #2021changegovt!!!!!
Ati “Secure”, you mean “Borrow” !! …..mwankolenomics
Use that money to buy off Glencore from Mopani and use the proceeds from Mopani to modernize the railway industry
This should have been done in 2011 when PF got into power, but instead, the crooks framed Prof Chirwa and then went on to import hundreds of trucks for freight movement. The goods train (gusu) takes half a week to go from Livingstone to Kitwe. The so called Michael Chilufya Sata passenger express train takes nearly 2 days to go from Livingstone to Kitwe. The Zambia railways track was laid between 1900 to 1910. The curves on it means that the fastest train can travel no more than 50 km per hour. There has no improvement in speed in spite of replacing steam locomotives with diesel. We will not see electric trains in Zambia until the railways are redesigned.
Is there parastal which has performed well under this corrupt regime?.
Zambians open your eyes. We can’t have people in government who just raping the entire economy and bringing it to its knees.
We must change.
PF must go!
As long as you don’t implement the policy to control the loads on our roads ZRL and Tazara will continue to face challenges due to low business. I think Edgar must fire some people for not taking his pronouncements seriously
IDC should just kongwesha the broke government they payoff the $750M due next year than offloading that money in people’s pockets. The records are still there to show that ZRL is not ready to handle its business now.
120 kmph ????
That’s a lie.
You will need to replace the most of the old rotten track and signalling system……
We were telling PF invest in the railways when they had billions , but they chose roads as that’s where easy corruption isctaling place……
road contracts were being sold on 3 times , passing through PF rats who don’t even own a wheel borrow…….
This is a very stupid initiative….very very stupid..unless IDC tells me it will be done under a different government..if it’s under this one..120 million eurobond was invested and there is no one who has given us a statement on how much profit has been realised…so put in 1 billion ..is just misappropriation of senses from those clowns in IDC….
This is a very stupiiid initiative….very very stupiiiid..unless IDC tells me it will be done under a different government..if it’s under this one..120 million eurobond was invested and there is no one who has given us a statement on how much profit has been realised…so put in 1 billion ..is just misappropriation of senses from those clowns in IDC….
This is a very stupiiid initiative….very very stupiiiid..unless IDC tells me it will be done under a different government..if it’s under this one..120 million eurobond was invested and there is no one who has given us a statement on how much profit has been realised…so put in 1 billion ..is just misappropriation of senses from those clowns in IDC….
we should sometimes question these people who like contracting debt on our behalf , how much they individually contribute as tax. if americans can question the president’s tax contributions why can’t we do the same.
Excellent development. This is how we do it. I love this type of progress. We are a government of doing not a government of crying or complaining like the diasporans. They should create their own country the United states of complainers
KZ
Si ndalama za nyko to saddling Zambia with unsustainable debts …..
Zambian government never learns.
They borrowed billions in Euro bonds saying it was ear marked to fix Zambia Railways. The money just vanished in thin air. At the same time, we saw a sudden jump in wealth amongst politicians.
Mwankole at work.
Sorry state of affairs.
Dreaming again. Who can pour money onto a sinking ship.
Just find money and invest in a rail line from northwestern province to copperbelt..
It will generate enough revenue to revamp and mordernise zambia railways..
Where is the euro bond?
How was it spent?
Spaka go and suck on your old mothers titays and grow up
MMD had a auctioned ZR to a South African company who stripped ZR of its assets. How can you run a country without a rail system?? Only in IMF Utopia which MMD shoved up our throats. It also created a monopoly of foreign owned road transporters who have ripped off the country since-can a Zambian transporter get a load in RSA?? In their wildest dreams!!! Let’s roll Kaluba!!