Mozambican port and railway company Portos e Caminhos-de-Ferro de Moçambique (CFM) plans to invest US$200 million in the modernisation of its rail network over the next three years, the president of the state-owned company announced during the ceremony to mark its 120th anniversary celebrated on Monday in Maputo.

Miguel Matabele also said that the company’s revenues in the first half of 2018 amounted to US$150 million, which is a significant increase compared to the same period of 2017, a year in which revenues totalled US$258 million.

The President of Mozambique, who took part in the ceremony, said that CFM had paid more than US$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. (macauhub)