The Diaspora Infrastructure Development Group (DIDG) said that it has been able to raise US$400 million for the recapitalisation of the National Railway of Zimbabwe (NRZ).
The DIDG also revealed that it is ready to implement the project and has appointed the African Export-Import Bank (Afreximbank) as its Mandated Lead Arranger for the NRZ US$400 million recapitalisation project.
In a letter addressed to the NRZ Board Chairman, Advocate Martin Dinha, DIDG executive chairman Donovan Chimhandamba, said:
Following the extension of the framework agreement by the Government of Zimbabwe by a further six months from February 15 2019, we are pleased to confirm that as the Diaspora Infrastructure Development Group, we have raised the required US$400 million funding for the NRZ Recapitalisation Project, including an additional US$20 million to address start-up and working capital requirements of the Joint Venture Concession Company.
We also confirm that as DIDG, we have our shareholder approvals and we are ready to proceed with the implementation of the project.
We are also pleased to inform you that as DIDG, we have appointed the African Export-Import Bank (Afreximbank) as our Mandated Lead Arranger for the NRZ US$400 million recapitalisation project.
DIDG is a consortium of Zimbabwean investors living aboard. It won the contract to revive the NRZ in 2017 but the execution of the deal has been delayed as a result of lengthy negotiations between Government and DIDG.