Subscribe & Follow
Advertise your job vacancies
Trending
Show more
Jobs
- Senior Organisational Development Specialist Cape Town
- Relations and Logistics Assistant Cape Town
- Marine Sales Intern Pretoria East
- Toll Collector Paarl
- Code 14 Truck Driver George
- Warehouse Controller Randburg
- Operations Manager Pinetown
- Payroll/Accounting/Stock Management Specialist George
- Logistics Coordinator Cape Town
- Consultants 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.
Related
#Budget2025: Unlocking mining's full potential could reshape South Africa's economy 1 hour TNPA issues RFP for terminal operator at Port of Durban 22 hours Ipelegeng (Ipi) Thibedi joins Ogilvy South Africa’s as group managing director 1 day Shifting expectations - steering through the logistics of change in South Africa Pia Knežević 2 days Global air cargo experiences 18 months of continuous growth 6 Mar 2025 Minister Creecy sets out logistics, rail investment plans 3 Mar 2025 SAA appoints Prof John Lamola as CEO 28 Feb 2025 Qatar Airways equips half its 777 fleet with Starlink 25 Feb 2025
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.
