Thursday, 26 February 2015

Zambia -Tanzania agree to work on TAZARA's detriorated balance sheet.

Zambia and Tanzania have agreed to continue working on the balance sheet of tazara whose asset base has deteriorated and made it less attractive to private investors.

In a communique the two countries have also re-affirmed their commitment to meeting their respective government's financial obligation to tazara after noting that the company has suffered from lack of investment and re-capitalisation.
The two countries noting the poor performance of tazara due to under-utilisation of the railway infrastructure and monopolisation of the railway services have resolved to engage other operators on the need for to have the infrastructure utilised.
those earmarked for engagement are zambia railways, SNCC of congo DR and tanzania railways.
They have also resolved that the managing director and his deputy should be appointed on merit, competence, qualification and experience basis within a month.
Two countries have also agreed to restructure the railway line and expedite the review of the tazara act in order to put in place an optimal structure
zambia's foreign affairs minister harry kalaba who disclosed this during a media briefing in Lusaka today says the resolutions were made during a visit of Tanzanian president jakaya kikwete.
Mr kalaba further says president kikwete has since invited president edgar lungu to visit his country

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