https://newsletter.mw.creamermedia.com
Africa|Engineering|engineering news|Freight|Infrastructure|Logistics|Projects|rail|Resources|Sustainable|Transnet|transport|Infrastructure|Locomotive|Operations
Africa|Engineering|engineering news|Freight|Infrastructure|Logistics|Projects|rail|Resources|Sustainable|Transnet|transport|Infrastructure|Locomotive|Operations
africa|engineering|engineering-news|freight|infrastructure|logistics|projects|rail|resources|sustainable|transnet|transport|infrastructure|locomotive|operations

NDB signs R5bn loan agreement with Transnet

Transnet CEO Michelle Phillips (left) and NDB president Dilma Rousseff

NDB member country flags

30th August 2024

By: Irma Venter

Creamer Media Senior Deputy Editor

     

Font size: - +

The New Development Bank (NDB) on Friday signed a R5-billion loan agreement with State-owned freight transport and logistics group Transnet.

The agreement was signed during the NDB’s ninth yearly meeting, held in Cape Town.

Transnet’s freight rail sector renewal programme, which aims to restore freight rail volumes in South Africa, includes infrastructure renewal, locomotive overhaul and wagon fleet renewal workstreams.

The South African government will guarantee the loan.

“We need to fix the network,” Transnet CEO Michelle Phillips told Engineering News Online following the signing ceremony. “And we have a long way to go to do that.”

Phillips added that the network was in “a terrible state”.

“We have a lot to do to lift it to the standard where everyone can use it – us and private operators.”

“This loan underscores NDB’s commitment to supporting sustainable development and economic growth in South Africa,” noted NDB president Dilma Rousseff.

“By modernising the freight rail sector, we aim to facilitate more efficient logistics operations that will benefit the entire region and align with our goal of investing in a sustainable future.”

The NDB was created in 2015 by Brazil, Russia, India, China and South Africa (Brics) to mobilise resources for infrastructure and development projects in Brics and other emerging market economies and developing countries.

In 2021, the NDB began expanding its membership and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as its newest members.

The NDB has, to date, financed 14 projects in South Africa, including the new Transnet loan agreement.

 

Edited by Creamer Media Reporter

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (11/10/2024)
11th October 2024 By: Martin Creamer
Photo of Martin Creamer
Recycling, Nyanza Light Metals, Mogale City make headlines
11th October 2024
Magazine round up | 11 October 2024
Magazine round up | 11 October 2024
11th October 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.07 0.153s - 140pq - 2rq
Subscribe Now