LUSAKA, Sept. 29 (Xinhua) -- Zambia's state-run railway firm needs about 1 billion U.S. dollars in order to modernize its operations, an agency that runs state enterprises said on Tuesday.
The Zambia Railways Limited needs to modernize its operations in order to improve profitability, according to the Industrial Development Corporation (IDC).
Mateyo Kaluba, the chairperson of the agency, said negotiations were currently underway with development financiers, adding that the talks were expected to be completed before the end of this year.
The funds will be invested in rolling stocks and new infrastructure such as upgrading of the rail tracks which will enable trains to move at a desired speed of 80 kilometres per hour for freight trains and 120 kilometres per hour for passenger trains, he said in a release.
According to him, the vision was to transform the railway firm into a transportation hub in the southern African region.