(2014-06-24) Citadel Capital subsidiary to invest USD 90 m by Mid-2015
Rift Valley Railways (RVR) intends to invest $ 90 million to develop the railways between Kenya and Uganda within the program of rehabilitation of these lines from early July until the end of June 2015 according to Karim Sadek, Managing Director in Citadel Capital Rift Valley Railways (RVR holds a 25-year concession to operate 2,352 kilometers of track linking the Indian Ocean port of Mombasa to the interiors of Kenya and Uganda, including the Ugandan capital of Kampala. Sadek said that this was the last payment from the financing package which Citadel Capital provided through a number of international financial institutions according to AlMal Newspaper. Citadel Capital succeeded in organizing financial facilities for 5 years for $ 287 million for the rehabilitation of the railway network of RVR and to recover from the financial situation and the risk of defaulting on the obligations under the concession agreement with both the Ugandan and Kenyan government, after the company acquired the stake in 2010. Sadek said that Citadel Capital is looking into expansion opportunities in the energy, transportation and cement sector in the African continent in general and in East Africa specifically.