Tuesday, Jan 18, 2011
BEIRUT (Zawya Dow Jones)--Kenya's Rift Valley Railways, a unit of Egypt-based Citadel Capital, has begun talks with five international development institutions and two Kenyan banks to borrow $160 million, Dubai-based Al Bayan daily reports Tuesday citing an executive.
Arranging the loan is expected to be completed in the first half of the current year, Karim Sadek, Citadel's regional manager for East Africa, said according to the paper.
The funds will be used to finance revamping railway projects in Kenya and Citadel's executive office is acting as the main advisor to Rift Valley Railways for the negotiations, the daily reports citing Sadek.
Newspaper website: http://www.albayan.ae/economy/companies-businesses/2011-01-18-1.998284
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
18-01-11 0957GMT
