IDC to upgrade Zambia Railways Limited with $1bn investment

IDC’s vision to have a modernised Zambia Railways Limited (ZRL) with maximised profitability will be realised once the Corporation secures about US$1 billion for the rail company.

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.

He 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).