African Development Bank Approves ZAR 18.85 Billion ($1 Billion) Corporate Loan for Transnet's Business Rec...

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The African Development Bank Group has approved a ZAR 18.85 billion ($1 billion) corporate loan to Transnet, South Africa's major freight transport and logistics company, for its recovery and growth plans.

As the sole operator of ports, railways and oil pipelines, Transnet holds a unique position in the freight logistics sector in South Africa and the Southern African Development Community region.The African Development Bank Group has approved a ZAR 18.85 billion corporate loan to Transnet, South Africa's major freight transport and logistics company, for its recovery and growth plans.

The company is committed to addressing past challenges, fostering integrity, and enhancing efficiency within the organization. It has made progress in some key areas including reforms in governance procurement and financial management. He added:"Our partnership will enable Transnet to execute a comprehensive Recovery Plan , addressing operational inefficiencies, particularly in rail and port sectors. It is aligned with South Africa's strategic 'Roadmap for Freight Logistics System,' and overseen by the National Logistics Crisis Committee, chaired at the Presidency level. This initiative signifies our commitment to enhancing national logistics capabilities and driving sustainable economic growth.

The Board commended the Government of South Africa for its vision and commitment to reforms in Transnet as well as the country's entire transport and logistics sectors. It also applauded Transnet for progress made in rolling out its compliance and governance improvement programme as well as its decarbonization and energy efficiency plans in line with its Net Zero Emission Strategy and Green Freight Strategy.

 

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