This makes it hard for any future owners to access funding from the World Bank or any other commercial lenders. The loan was to buy 20 locomotives in 2014 and 2015 but RVR officials devised a scheme to lease the trains at inflated costs from a third party and share the spoils. RVR is controlled 80 per cent by Egyptian private equity firm Qalaa, with the remaining fifth held by Uganda’s Bomi Holdings and international finance institutions (IFIs). Qalaa had late last year opened talks with a consortium led by ECP to dispose of their entire stake in RVR. The terms were amended in February 2015 to a flat rate of $30,000 (Sh3 million) per month for the entire 84 months in the contract.

Source: Daily Nation April 18, 2017 19:30 UTC