AfDB Awards $1 Billion Loan to Revamp Regional Rail Network

The African Development Bank (AfDB) has awarded a substantial loan of $1 billion to Transnet, a South African state-owned company. The loan is intended to support the revamping of the regional rail network, a critical infrastructure project aimed at enhancing regional connectivity and promoting economic growth.

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The loan comes after a previous deal between the AfDB and the National Railways of Zimbabwe (NRZ) was terminated in 2019 due to financing and implementation issues. Despite this setback, efforts to upgrade the regional rail network have continued, with the NRZ set to receive a separate funding boost of $615 million from China International Group and Afreximbank.

The funding is expected to have a significant impact on the region’s railway infrastructure, enabling the efficient transportation of goods and people across borders.

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