Citadel Capital secures USD 70mn capital hike for Africa Railways.

By bne IntelliNews September 12, 2011
Egyptian private equity firm Citadel Capital has completed a USD 70mn capital increase for its platform company which plans to reactivate a railway line connecting Kenya and Uganda, Ahram Online reported. The platform company, Africa Railways, will reportedly use the proceeds to fund Portfolio Company Rift Valley Railways (RVR), which has a 25-year concession to operate a century-old railway linking the port of Mombasa in Kenya to the Ugandan capital Kampala. The participants were private equity fund IFC African, Dutch development bank FMO, Germany's development finance bank DEG, the Investment and Support Fund for Businesses in Africa (FISEA) and the International Finance Corp (IFC).

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