African Development Bank approves $1bn loan, guaranteed by South Africa, for Transnet's $8.1bn investment in rail and port infrastructure.
The African Development Bank has approved a $1bn loan, fully guaranteed by South Africa's government, to fund the first phase of an $8.1bn investment plan for Transnet, South Africa's state-owned rail and ports company. The loan aims to improve the country's ailing rail and port infrastructure, which have been identified as significant barriers to foreign business investment and export efficiency. This investment aligns with President Cyril Ramaphosa's key priorities of boosting South Africa's economy and reducing high unemployment levels.
July 18, 2024
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