The National Railways of Zimbabwe (NRZ) is set to receive a significant boost with a US$115 million facility from the African Export-Import Bank (Afreximbank). The loan, currently under negotiation, aims to procure 10 new locomotives, 315 wagons, and fund critical railway infrastructure repairs. This development comes as NRZ, now operating under the Mutapa Investments sovereign wealth fund, seeks to revitalize its struggling operations which have seen freight volumes plummet from 12 million tons in the 1990s to just 2 million tons in 2025. The announcement was made by John Mangudya, CEO of Mutapa Investments, on Thursday. This investment is crucial for Zimbabwe’s mining industry, offering a cheaper transport option for minerals like lithium concentrate currently trucked to ports such as Maputo in Mozambique. NRZ reportedly requires a total of $600 million for a comprehensive upgrade of its rolling stock and network.
Key Players Involved
- National Railways of Zimbabwe (NRZ): State-owned railway company.
- Afreximbank (African Export-Import Bank): Lender providing the US$115 million facility.
- Mutapa Investments: Zimbabwe’s sovereign wealth fund, under which NRZ now operates.
- John Mangudya: CEO of Mutapa Investments.
Event Timeline
- September 17, 2026: Mutapa Investments CEO John Mangudya announces negotiations for the Afreximbank loan.
- July 21, 2026: NRZ began hauling lithium concentrate to Maputo port in partnership with private operators.
- 2025: NRZ’s freight volumes recorded at 2 million tons, down from 12 million tons in the 1990s.
