RVR to take over Kenya-Uganda railways
After getting funds needed to start operations the rift valley railways consortium will take over the Uganda-Kenya railways on November 1.
This was said by Finance minister Dr. Ezra Suruma at the signing of the Direct Agreements between RVR, the governments of Uganda and Kenya and its financiers the International Finance Corporation (IFC) and Germany’s KfW at Serena Kampala Hotel yesterday.
According to the pact, RVR will immediately acquire $88m to start operations. RVR is to provide $24m equity, while the IFC and KfW will each lend $32m or $64m.
Seruma ascerted that his signing of the pact was an assurance that was required for these funds to be released.
This railway transport once uplifted will lead to an improvement in transpor and hence development of the tourism industry.
By Tanah Hadijah