Thelo DB, a partnership between the African industrial group and leading railway conglomerate, Deutche Bahn Engineering & Consulting, has signed a Memorandum of Understanding (MOU) with the African Export-Import Bank (Afreximbank) to develop railways in Africa, with South Africa as a base for project development.
Signed on the second day of the Africa Investment Forum 2019 held in Sandton, the agreement gives both parties an opportunity to modernise the continent's railways as both companies realise the urgency for modernisation in the freight railway sector. Thelo DB believes that Southern, East and West Africa are home to corridors that transcend country borders and therefore is looking at starting projects in these regions.
Ronald Ntuli, Thelo DB Group chairman said that the signed MOU solved an important part of the puzzle for the company. He further explained that finance was needed to implement big capital projects. “We can now sit down with our clients and say not only do we bring technical capacity of a global standard, we bring you unbelievable capital mobilisation,” said Ntuli. Chairman Ntuli also said that the jobs that would be created were unlimited.
Afreximbank president, Prof. Benedict Oramah, said the two companies were committed to supporting trade on the continent. “With Thelo DB’s capacity to deliver and operate railway mobility systems and Afreximbank’s ability to finance projects, we have an incredibly strong team,” says Oramah.
