South Africa's Transnet gets $2.8 billion government guarantee
Transnet has struggled to provide adequate freight rail and port services for years because of equipment shortages and maintenance backlogs linked to under-investment, with cable theft and vandalism also damaging the rail network.
The support package comprises a 41 billion rand guarantee for Transnet's funding requirements in the 2025/26 and the 2026/27 financial years and a 10 billion rand guarantee to help it service debt and make capital investments.
Transnet said in a statement that the support would allow it to build on progress with strategic rail and port reforms.
($1 = 18.0252 rand)
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