SOUTHERN AFRICA – Railnet International, a U.S. based railway line construction company, plans to invest an estimated US$11 billion in a modern railway line and high-speed trains linking Zambia, Zimbabwe and Mozambique.
Railnet CEO Donald Kress said that his railway development and construction company was in talks with governments in the three countries and signed an agreement to start feasibility studies in Zambia.
“We have a group known as Magcor International and their CEO has arranged financing through a group of investors,” Kress said following the signing of an agreement.
“Until we have signed a contract with the investors, they have requested to remain anonymous.”
Feasibility studies is expected to begin in the next six weeks and would be followed by detailed engineering design for the project on the Zambian side, Kress said.
Construction is expected to begin in January 2021, Kress said, adding that Railnet would replace the existing system to allow freight trains to travel at 120 km/hour and passenger trains at 160 km/hour.
The proposed railway also presents an opportunity for more investments into the 3 countries as foreign investors will leverage on the smooth transition within Southern Africa and invest in different aspects of their economies.