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    Transnet secures R5bn loan from Brics bank

    Transnet has secured a R5bn loan from the New Development Bank, established by the Brics group of emerging economies. The loan, which will be guaranteed by the South African government, was announced by director general, Duncan Pieterse during a meeting of the New Development Bank in Cape Town.
    By Wendell Roelf
    2 Sep 2024
    2 Sep 2024
    Source: Archive
    Source: Archive

    Transnet is saddled with about R130bn in debt and has struggled to provide adequate freight rail and port services because of equipment shortages and maintenance backlogs after years of under-investment.

    Transnet's chief executive said the money from the Brics bank would be used for the company's turnaround plan.

    "There is lots of work to be done in Transnet, we've got major challenges. We need to sort it out and that's what we need the money for," Transnet CEO Michelle Phillips said.

    Read more: Railway, Wendell Roelf
    Share this article

    Source: Reuters

    Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

    Go to: https://www.reuters.com/

    About Wendell Roelf

    Reporting by Wendell Roelf; Writing by Bhargav Acharya; Editing by Alexander Winning.
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