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South Africa's Transnet gets 5 billion rand loan from BRICS bank South African state logistics group Transnet on Friday agreed a 5 billion rand ($ million) loan from the New Development Bank set up by the BRICS group of emerging economies. The loan will be guaranteed by the South African government, director general Duncan Pieterse told Reuters on the sidelines of a meeting of the New Development Bank being held in Cape Town. Transnet is saddled with about 130 billion rand 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 after a signing ceremony for the loan agreement. Join this channel to get access to perks: We are Changing the narratives Of Mother Africa through YouTube Video at a Time... It's Time For Africans To Tell Their Own Story! __________________________________________________________________ Remember to subscribe, and ring the notification bell, so that you do not miss any of our videos. Email us for News Tips, content submission, ads partnership, collabos, sponsorship or content issues All our videos are aimed at Educating, Informing, Reporting, Reviewing, Criticizing & Ranking everything African. Copyright Disclaimer: Under Section 107 of the Copyright Act 1976, allowance is made for fair use for purposes such as criticism, comment, news reporting, teaching, scholarship, and research.
