The National Railways of Zimbabwe (NRZ) says the deal to resuscitate the bulk goods and passenger carrier will help turn-around the fortunes of the company.
In his address to stakeholders after a tour of the institution by the Zimbabwe Defence University students, NRZ Chairman, Mr Larry Mavhima said the cabinet approval of the parastatal’s deal with a business consortium, the Diaspora Infrastructure Development Group and South Africa’s Transnet will breathe fresh air to the institution.
He said NRZ has recorded successive improvements in its financial position from the first to the third quarter of this year as measures to recapitalise the institution are beginning to yield desired results.
Zimbabwe Defense University Interim Vice Chancellor, Air Vice Marshal Michael Moyo said his team was impressed by the move by the government to recapitalise the parastatal as it will benefit the economy.
The government has since committed to ring fencing the NRZ debt, while the new partners are expected to inject $400 million for the resuscitation of the parastatal.