The African Development Bank has approved a $1 billion loan to South Africa’s state-owned rail and ports company, Transnet. This 25-year loan, guaranteed by the South African government, will fund the first phase of an $8.1 billion investment plan aimed at upgrading South Africa’s deteriorating rail and port infrastructure. In a recent statement, Transnet Group CEO, Michelle Phillips, shared that the loan will significantly support the company’s capital investment plan and contribute to South Africa’s broader economy. This initiative aligns with President Cyril Ramaphosa’s efforts to boost the economy and reduce unemployment, especially following the African National Congress party’s recent election loss that led to a coalition government.
SOURCE: AP NEWS
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