Transnet secures R5bn loan from Brics bank

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.