China Development Bank lends South Africa's Transnet US$5 billion
THE China Development Bank has agreed to lend South Africa's state-owned transport corporation Transnet US$5 billion to help finance a ZAR300 billion (US$32.4 billion) port and rail infrastructure development plan.
The "financial and non-financial assistance" will run over five years, according to a statement from the South African government, reports Bloomberg.
"The agreement will enable us to explore innovative funding options as we pursue our borrowing plan focusing on cost effective solutions and diversity," Transnet CEO Brian Molefe told Bloomberg.
As Africa's biggest economy and neighbouring commodity-producing countries of South Africa find that growth has been retarded by low port and rail capacity, said the report.
THE China Development Bank has agreed to lend South Africa's state-owned transport corporation Transnet US$5 billion to help finance a ZAR300 billion (US$32.4 billion) port and rail infrastructure development plan.
The "financial and non-financial assistance" will run over five years, according to a statement from the South African government, reports Bloomberg.
"The agreement will enable us to explore innovative funding options as we pursue our borrowing plan focusing on cost effective solutions and diversity," Transnet CEO Brian Molefe told Bloomberg.
As Africa's biggest economy and neighbouring commodity-producing countries of South Africa find that growth has been retarded by low port and rail capacity, said the report.