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Namibia’s State Rail Company Seeking Funding to Upgrade System

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Jan. 31 (Bloomberg) -- Namibia’s state-owned rail company is in talks to raise 2.2 billion Namibian dollars ($196 million) to finance the overhaul of outdated equipment and infrastructure.

“There is an urgent need to refinance and replace core business assets, rail infrastructure, network and rolling stock,” Ailly Hangula-Paulino, a spokeswoman for TransNamib Holdings Ltd., said in an e-mailed response to questions today.

TransNamib, which hauls 191,000 metric tons of cargo a month, faces increasing operational challenges from aging rolling stock, infrastructure and equipment, Hangula-Paulino said. While the company will ask Namibia’s government to inject some capital, it is also looking at other sources of funding, she said.

“Other options being pursued include discussions with financial institutions, developmental finance institutions and the private sector,” she said, declining to give further details.

To contact the reporter on this story: Felix Njini in Namibia at fnjini@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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