Top stories
Subscribe & Follow
Trending
Advertise your job vacancies
Jobs
- Post Office Operations Clerk Johannesburg
- Executive Director: Urban Mobility Cape Town
- Inventory Controller Epping
- Telesales and Marketing Representative Cape Town
- Journalist Johannesburg
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.
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.
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.Related
Chris Hani to Cape Town rail line reopens for commuters 2 days Infrastructure investment to turbocharge SA’s transport and trade future 14 May 2025 Africa’s supply chains brace for Trump’s tariffs and Agoa uncertainty 7 May 2025 CILTSA ESG Conference to tackle sustainability, regulation and risk in supply chains 6 May 2025 AD Ports commits $120m to Suez Canal logistics zone 5 May 2025 DP World invests $165m to transform Maputo port 2 May 2025
