HomeKenya Rift Valley Railways receives US$70m for development project

Kenya Rift Valley Railways receives US$70m for development project

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Kenya Rift Valley Railways has received a boost after their financiers released a US$70m loan that was long overdue. The amount will be used to upgrade the infrastructure, boost investment in technology, and the rehabilitation of their wagons. This is part of the company’s part five-year modernization programme.

The US$70m loan is part of a US$287m financing plan that was to be allocated to the company. US$40m was to be provided by the African Development Bank (AfDB), US$22m to be sourced from the International Finance Corporation (IFC), and US$32m from the German Development Bank (KfW).

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Trans-Century Limited, which was one of the shareholders in the company, sold its stakes due to delays in the release of the US$70m loan. Trans-Century Limited (“TCL”) is a Kenya –headquartered infrastructure company with operations across East, Central & Southern Africa. The move led to losses at US$1 billion incurred by the firm.

Rift Valley Railways (“RVR”) is the holder of a 25-year concession to operate the Kenya-Uganda railway line built by the British. It stretches from the Port of Mombasa to Kampala in Uganda, touching major economic towns within the region.

The concessionaire is to rehabilitate, operate and maintain the rail networks as one railway system, so as to improve the management, operation, and financial performance of the two rail networks in a coordinated manner.

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