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The Diaspora Infrastructure Development Group (DIDG) has approached the High Court challenging the National Railways of Zimbabwe (NRZ)’s decision to terminate the consortium’s US$400 million contract to recapitalise the country’s sole railway company.
Cabinet has ordered the retendering of the National Railways of Zimbabwe recapitalisation project following the cancellation of the US$400 million deal last month.
Zimbabwe is cancelling a deal struck with South African logistics group Transnet to recapitalise National Railways of Zimbabwe (NRZ), a government official said on Thursday, blaming the consortium for not providing a viable funding plan.
The National Railways of Zimbabwe (NRZ) has received a big boost after both Zimbabwe and South Africa cleared all the hurdles which had delayed the injection of US$400 million into the struggling parastatal.
Government will meet the Transnet/Diaspora Infrastructure Development Group (DIDG) consortium tomorrow in a crunch meeting that is expected to chart the roadmap towards recapitalising the National Railways of Zimbabwe (NRZ).
The Diaspora Infrastructure Development Group (DIDG), which won the tender to recapitalise the National Railways of Zimbabwe (NRZ) to the tune of $400 million, is broadening its shareholder base to other Zimbabweans in the Diaspora.
Financial closure for the US$400 million recapitalisation of the National Railways of Zimbabwe (NRZ) is set to be achieved in the near future, at a time when the investors are targeting moving 4 million tonnes of freight by February next year.
The Diaspora Infrastructure Development Group (DIDG) and Transnet of South Africa, who won the US$400 million tender to recapitalise the National Railways of Zimbabwe (NRZ), are pulling all stops to ensure the project bears fruit.
Serious work to revive the National Railways of Zimbabwe is set to start in the near future amid indications that all outstanding legal issues to the $400 million recapitalisation deal are to be sealed by end of next month.
South African-based Diaspora Infrastructure Development Group (DIDG) is this year targeting to roll out a US$500 million water infrastructure project for Harare as part of efforts to enhance water delivery for both domestic and industrial consumption.