Breaking News

$400m NRZ deal set to top Mnangagwa - Ramaphosa talks

by Staff reporter
22 February 2019 | 943 Views
THE National Railways of Zimbabwe (NRZ) US$400 million deal will be one of the key items on the agenda during the South Africa-Zimbabwe bi-national commission meetings when South African President Cyril Ramaphosa visits Harare on March 12, the Zimbabwe Independent can report.

Official sources said the NRZ recapitalisation project has been accorded priority status, meaning it will now directly receive attention from the presidency of the two countries and the ministers responsible.

The deal will be discussed with a view to clear outstanding issues and accelerate the implementation of the project, the sources said.

This comes after a recent high-level meeting that was held at Meikles Hotel in Harare on February 11, which agreed that there was a need to clear outstanding issues and speed up the implementation of the project.

Representatives of the South African and Zimbabwean governments, South Africa rail utility Transnet officials, NRZ executives and Diaspora Infrastructure Development Group
(DIDG) directors attended the meeting. Those who were there include South African ambassador Mphakama Mbete, and Transnet officials including board chairman Popo Molefe,
chief executive Tau Morwe, board members Louis Van Zoner and Mpo Letlape, as well as Transnet International Business Divisional chief executive Petrus Fusi.

DIDG was represented by executive chairman Donavan Chimhandamba, group CFO Washington Mashanda, infrastructure director Rob Mhishi, operations director Frank Thema, and mineral processing director Tayarudza Mutongoreya.

NRZ officials included acting board chairman Kenias Mafukidze and general manager Lewis Mukwada. Other officials were from Transport, Finance and Defence ministries, as well as labour unions, the Reserve Bank of Zimbabwe and State Enterprises Restructuring Agency.

Transport minister Joel Biggie Matiza and his permanent secretary Amos Marawa, as well as Angeline Karonga, their legal counsel, also attended the meeting. In the meeting,
the three parties involved in the deal, the NRZ, Transnet and DIDG, jointly presented to Matiza a case for the extending of the framework agreement by about six months.

The framework agreement came to an end mid-February and is currently subject to an extension process.

Sources said Matiza was supposed to have taken the matter to cabinet this week, but did not do so as consultations were still underway. He will, however, take the issue to
cabinet next week.
Already in the February 11 meeting all parties agreed that there was a need to urgently extend the framework agreement and get on with the implementation of the deal.




Although there were initially legal consultation hitches and acts bordering on sabotage, the process is now back on track after a number of developments in the background.

Sources said the project has now been elevated to priority status, dealt with at the presidency and ministerial level of Zimbabwe and South Africa, as well the bilateral commission.

South African minister of Public Enterprises Pravin Gordhan and the newly-appointed Transnet board are now prioritising the Zimbabwe railway project, which in the past few months had appeared to be stalling because of Zimbabwe Transport ministry's legal representatives and external legal consultants' tardy, convoluted and time-consuming approach.

The project is also now being supported by Zimbabwe's minister of Foreign Affairs and International Trade Sibusiso Moyo. Moyo's ministry has held meetings with relevant parties to the deal to help to speed up implementation. The South Africa-Zimbabwe bi-national commission signed about 40 memoranda of understanding and agreements which cover trade and investment, immigration, defence, transport, agriculture, environment, energy, health, labour, taxation arts and culture among other areas.

South African International Relations and Cooperation minister Lindiwe Sisulu told the media this week that the bi-national meeting, where Ramaphosa will be accompanied by a business delegation, will also focus on sanctions imposed on Zimbabwe by the European Union and the United States.

"Lifting international sanctions imposed against the (Robert) Mugabe regime in Zimbabwe is central to this, which is why sanctions will feature prominently in bilateral talks between presidents Emmerson Mnangagwa and Ramaphosa in Harare on March 12," Sisulu said.

South African banks have already promised funding for the deal to the tune of US$700 million with Standard Bank expressing readiness to shell out between US$100 million and US$317 million; Absa (US$200 million); Industrial Development Corporation of South Africa (US$100 million); Ecobank Kenya (US$100 million) and CBZ (US$50 million).

Official sources say Mnangagwa and Ramaphosa want the NRZ deal to be expedited in order to step up bilateral cooperation between Zimbabwe and South Africa, while in the process also enhancing strong working relations between the new administrations on both sides of the Limpopo.

NRZ Mnangagwa Ramaphosa

Source: the independent

Comments

Latest News

BREAKING: RBZ speaks on fuel prices

by Mandla Ndlovu | 20 May 2019 | 1 Views

'Arrest Nelson Chamisa' says ZANU PF Youth

by Mandla Ndlovu | 20 May 2019 | 3 Views

Obert Gutu defiant...vows to takeover MDC property

by Mandla Ndlovu | 20 May 2019 | 1 Views

'Mnangagwa will not finish his term of office'

by Staff reporter | 20 May 2019 | 1 Views

EXTRACT: The men who helped Chiwenga to execute the coup

by Douglas Rodgers | 20 May 2019 | 5 Views

Herald-Newsday fight escalates

by Mandla Ndlovu | 20 May 2019 | 2 Views

Chamisa threatens

by Staff reporter | 20 May 2019 | 6 Views

Ecocash scam exposed...CEO blocks Lumumba's partner

by Mandla Ndlovu | 20 May 2019 | 7 Views

WATCH: Prophet uses spiritual coat hanger to restore marriage

by Mandla Ndlovu | 20 May 2019 | 7 Views

Load shedding and the long fuel queues

by Dr Masimba Mavaza | 20 May 2019 | 1 Views

Trevor Ncube sings Fortune Chasi praises

by Mandla Ndlovu | 20 May 2019 | 10 Views

Mliswa tells Mnangagwa to emulate Mugabe

by Mandla Ndlovu | 20 May 2019 | 6 Views

CIOs spy on Zimbabweans in South Africa

by Mandla Ndlovu | 20 May 2019 | 8 Views

Google to remove Android from Huawei

by Mandla Ndlovu | 20 May 2019 | 3 Views

Chamisa warns of dark cloud over Zimbabwe

by ZimLive | 20 May 2019 | 7 Views

Biti vows Chamisa loyalty

by newzimbabwe | 20 May 2019 | 2 Views

Chamisa urges followers not to panic over court ruling

by Staff reporter | 20 May 2019 | 2 Views

Mnangagwa won't last 5 years, says Chamisa

by Staff reporter | 20 May 2019 | 10 Views

Mnangagwa's govt recognises MDC's 2014 structures

by Staff reporter | 20 May 2019 | 2 Views

Entertainment

Muridzo rubbishes critics

by Simbarashe Sithole | 20 May 2019 | 1 Views

Nigerian to play Mugabe role in forthcoming movie

by Staff reporter | 18 May 2019 | 1914 Views

Malunga quits sex

by Staff reporter | 15 May 2019 | 6931 Views

I didn't ride on Tuku's fame, says Selmor

by Staff reporter | 14 May 2019 | 2104 Views

Tsholotsho girl shines in SA - DYNAMITE comes in small packages is the...

by Staff reporter | 13 May 2019 | 2379 Views

Jah Prayzah ditches anything associated with Mnangagwa's army

by Staff reporter | 12 May 2019 | 4218 Views

The rising popularity of Maskandi artists in Bulawayo

by Staff reporter | 12 May 2019 | 1955 Views

WATCH: Oliver Mtukudzi's widow singing Paunapopo

by Mandla Ndlovu | 01 May 2019 | 22994 Views