Mozambique rail

THE International Finance Corporation, part of the World Bank, expects to close a $2.7 billion (R37.3bn) debt refinancing for the Nacala Corridor railway project in Mozambique early next year.

The refinancing could help to ease balance sheet pressure on Brazilian miner Vale which is developing the railway and a coal mine in the region.

The newly built 912km line will also be used to move general freight and passengers.