IDC PROBING HOW $120M EUROBOND WAS UTILISED
INDUSTRIAL Development Corporation (IDC) Chief Executive Officer Cornwell Muleya says the corporatioan is investigating how the US$120 million from the Eurobond allocated to Zambia Railways Limited (ZRL) was utilised.
Appearing before the Parliamentary Select Committee for special audit report of the Auditor-General on external public debt last week, Mr Muleya acknowledged that ZRL received the US$120 million from Government for the rehabilitation of railway infrastructure.
“From the Industrial Development Corporation’s perspective, the money went to Zambia Railways Limited for three components – the rehabilitation of railway infrastructure, the first one being the railway track, which is about 900 kilometres from Chililabombwe to Livingstone. There was need to rehabilitate the railway track and the cost was US$79 million.
“The second part was rehabilitating the signalling system at US$3.5 million and the last part was for the rolling stocks, locomotives and other things. Our understanding from IDC was that ZRL needed to be restructured and recapitalised and that is how the money was allocated to the institution,” he said.
Mr Muleya was responding to a question from the committee on whether ZRL had requested for the US$120 million or it was just given to the institution.
Daily Mail
In the meantime one Chirwa wants to come back and perch himself at the table and claim he is useful….please