African Development Bank approves $1B loan to South Africa's state-owned rail and ports company

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African Development Bank Notícia

CAPE TOWN,South Africa,South African Government

CAPE TOWN, South Africa (AP) — The African Development Bank said Thursday it had approved a $1 billion loan to South Africa's state-owned rail and ports...

CAPE TOWN, South Africa — The African Development Bank said Thursday it had approved a $1 billion loan to South Africa's state-owned rail and ports company, Transnet.

In a statement released by the bank, Transnet Group chief executive Michelle Phillips said the loan would make “a significant contribution to Transnet’s capital investment plan to stabilize and improve the rail network and to contribute to the broader South African economy.

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