The Trust was established in 1906 by the Will of Alfred Beit, a financier, philanthropist and director of the British South Africa Company. He had many interests, including the development of the railway system in what was then Rhodesia. On his death in 1906, at the age of 53, he left a substantial legacy to a wide range of charitable causes. During his lifetime, Beit recognised that Northern and Southern Rhodesia (now Zambia and Zimbabwe) would be unable to attract sufficient capital for their own development. His Will therefore established The Beit Railway Fund, to promote the development.
