Railway in Mozambique Lacks Funding

Abdul Carimo, chairperson of the Zambezia Integrated Development Corridor (CODIZA), the company proposing the project, said that about $4 billion is needed. “No one will provide sums that large without cast-iron guarantees that the railway and port will be viable,” he said. Speaking in the Zambezia provincial capital of Quelimane, Carimo suggested that one way out is to involve the Indian consortium International Coal Ventures Ltd. (ICVL). Last year ICVL purchased Mozambican coal assets from Rio Tinto for a remarkably cheap price of $50 million.