The Diaspora Infrastructure Development Group (DIDG) says it will pursue the US$400 million National Railways of Zimbabwe (NRZ) recapitalisation deal to the end following its cancellation by the government last year.
DIDG chairperson Donovan Chimhandama told NewsDay Business that the consortium will continue pursuing all options at its disposal with the singular aim of implementing the transaction. Said Chimhandama:
There hasn’t been much movement because of this lockdown. They wrote to us saying they intend to cancel the tender.
They asked for a meeting but at the moment because we are not allowed to travel, there isn’t much we can do.
There hasn’t been any progress but our position still stands, we are pursuing NRZ to the end.
In 2019, the Zimbabwean government cancelled the US$400 million deal signed more than two years ago with the DIDG saying the group had failed to comply with contractual timelines.
After the termination of the deal, DIDG threatened NRZ with a US$215 million lawsuit for missed opportunities and other related costs.