Africa Railways, a platform company of Egypt's Citadel Capital, which operates rail travel in Kenya and Uganda has landed a US$164 million loan as part of an investment program to overhaul its Rift Valley service.
The loan is part of a five-year, $287 million plan for Rift Valley Railways to boost its railroad services and capacity fourfold.
Egyptian private equity firm Citiadel is Rift Valley Railways’ biggest shareholder with 51 per cent ownership.
An additional $80 million for the Rift Valley proects will be financed by shareholders and internally generated funds, Citadel’s managing director Karim Sadek said in a press statement.
Citadel Capital shares finished 1.68 down on Egypt's stock market on Wednesday.