Zimbabwe Targets US$115M Afreximbank Loan for 10 Locomotives and 315 Rail Wagons
Zimbabwe’s state-owned National Railways of Zimbabwe (NRZ) is negotiating a US$115 million financing facility with the African Export-Import Bank (Afreximbank) to expand its freight capacity and rehabilitate parts of its railway network.
The proposed facility would fund the acquisition of 10 locomotives and 315 wagons, as well as repairs to sections of NRZ’s rail infrastructure, according to Mutapa Investments chief executive John Mangudya.
NRZ operates under Mutapa Investments, Zimbabwe’s sovereign wealth fund, and has been pursuing partnerships with private-sector companies to rebuild its freight business following years of underinvestment.
The announcement came as NRZ commissioned three refurbished locomotives and 100 wagons under a partnership with Sinosteel’s Zimbabwean ferrochrome subsidiary, Zimasco.
The rail operator’s freight volumes have fallen sharply from a peak of about 12 million tonnes in the 1990s to around 2 million tonnes in 2025.
NRZ has been seeking to rebuild capacity as mining companies increasingly require reliable and cost-effective transport infrastructure.
In July, NRZ announced that it had begun transporting lithium concentrate to Maputo port in Mozambique through partnerships with private operators, providing an alternative to road transport for mineral exports.
Mangudya said NRZ requires about US$600 million in total investment to upgrade its rolling stock and railway network.
The proposed Afreximbank facility would therefore form part of a broader rehabilitation programme aimed at restoring NRZ’s freight capacity and improving the movement of minerals and other commodities to regional markets.
The investment could also strengthen Zimbabwe’s position within regional mining supply chains by providing greater rail connectivity to export corridors, including the route to Mozambique’s Maputo port.
