Transnet needs loans for upgrades
June 24 th, 2015
SA logistic group Transnet will borrow R2.8bn from the KFW Development Bank to finance an acquisition of a locomotive program, according to local media reports. The repayment term will be over 15 years with a grace period of five years. Transnet announced on June 4 that it aims to obtain a R30bn loan from China Development Bank to finance the modernisation of its aging fleet. In total, Transnet plans to invest over R300bn by 2019 in the renewal of its fleet, construction, and modernisation of railways, ports, and pipelines.
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