Transnet gets R18 billion African Development Bank loan
Transnet and the AfDB said in a joint statement that the 25-year loan was fully guaranteed by the government of South Africa.The African Development Bank has approved a $1 billion loan for South Africa's Transnet to aid the troubled logistics firm's recovery plan, the bank and the company said on Thursday.
Transnet and the AfDB said in a joint statement that the 25-year loan was fully guaranteed by the government of South Africa.It will facilitate the first phase of the company's R152.8 billion rand five-year capital investment plan to improve its existing capacity ahead of expansion for the priority segments throughout the transport value chain.
It has seen freight volumes decline to 150 million metric tons in financial year 2022/23 from 226 million tons in 2017/18.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
African Development Bank greenlights R18bn loan for Transnet turnaroundAfrican Development Bank greenlights R18bn loan for Transnet turnaround
Read more »
African Development Bank Vice President Akin-Olugbade On Mission to Boost Development ImpactAfrican Development Bank Vice-President for Regional delivery, Integration and Business Delivery, Marie-Laure Akin-Olugbade has completed a mission to Angola in which she held several strategic, high-level dialogue sessions with authorities of the country.
Read more »
African Development Bank and African Solidarity Fund Seal Strategic PartnershipAnnouncement - The African Development Bank and the African Solidarity Fund (ASF) have signed a letter of intent to strengthen the two institutions' working relationship and synergy.
Read more »
South African rand hits year-high, trades at R18 to the dollarThe South African rand reached its strongest level in nearly a year, trading at R18 to the dollar on Wednesday, 19 June.
Read more »
R18-billion plan to build 10 African tech hubsThe initiative is a big boost for African technology and start-up firms after venture capital inflows plummeted last year.
Read more »
African Development Bank Expands Urban Support Program to Six New CitiesAnnouncement - The African Development Bank's Urban and Municipal Development Fund (UMDF) has expanded its African Cities Program to cover six new cities across the continent. The expansion, approved by the Fund's 13th Oversight Committee, will help bolster urban development and address critical challenges faced by rapidly growing African cities.
Read more »