Transnet gets further R51bn from transport minister

Transnet gets further R51bn from transport minister

Facility will be used to refinance maturing debt port and implement capital investment programme

Creecy Approves R51 Billion Lifeline To Keep Transnet On Track

Transport Minister Barbara Creecy, with the concurrence of the Minister of Finance, has approved a R51 billion guarantee facility for Transnet in a major step aimed at stabilising the embattled state-owned freight and logistics company. The facility is effective immediately and is intended to support Transnet’s capital investment programme and assist it in meeting debt obligations. Transnet, seen as a vital cog in South Africa’s economic machine…

Although Budget 3.0 does not announce any bailouts for state-owned enterprises, Transnet has just received a R51 billion government guarantee.