Transnet takes loan from China Development Bank

Picture: Thinkstock

Picture: Thinkstock

State-owned logistics enterprise Transnet has taken up the first tranche of $1,5 billion (R18 billion) of a $2,5 billion (R30.6 billion) loan from the China Development Bank.

The company, speaking on the fringes of the World Economic Forum on Africa in Cape Town on Thursday, announced that this portion of the loan will be drawn over four years.

The loan will be used to fund locomotives being built by China North Rail and China South Rail as part of an order of 1064 locomotives that Transnet is acquiring in its R336 billion, seven year Market Demand Strategy.




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