Mozambique’s CFM to invest US$200 million over the next three years

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Mozambique’s CFM to invest US$200 million over the next three years

9:01 CAT | 10 Jul 2018

Photo: O País

Mozambique’s Ports and Railways company completed 120 years of existence last Sunday. The celebrations were held in Maputo on Monday. In attendance was the President of the Republic, Filipe Nyusi, some members of the government, current leaders and former managers of the company and thousands of workers.

President Filipe Nyusi said in his speech, that the company achieved profits estimated at just over US$45 million last year and had paid more than US$90 million in taxes and dividends to the state, thus earning the award of one of the largest taxpayers in Mozambique as confirmed by the Tax Authority (AT). The Head of State said this demonstrates that the company has kept its accounts up to date.

Currently, the Mozambique Railways company has assets worth more than US$1 billion, and according to its Strategic Plan, CFM is set to invest more than US$200 million for modernisation over the next three years.

By Francisco Mandlate

Source: O País