Mozambican port and railway company Portos e Caminhos-de-Ferro de Moçambique (CFM) plans to invest USD 200 million in the modernisation of its rail network over the next three years, Miguel Matabele, the president of the state-owned company announced.
According to Matabele, the company had earned USD 258 million in revenue in 2017. This trend should accelerate this year, with revenues of USD 150 million already achieved in the first half of 2018, a sharp increase over the same period last year.
The President of Mozambique, Filipe Jacinto Nyusi, said that CFM had paid more than USD 90 million in taxes and dividends in 2017, which made it one of the largest taxpayers in Mozambique according to the Tax Authority.
CFM has stakes in all the ports in Mozambique, which are linked by railway lines to mining regions as well as the neighbouring countries of southern Africa, such as South Africa, Malawi, Zambia and Zimbabwe.