South Africa's Transnet gets $2.8 billion government guarantee
JOHANNESBURG, May 22 (Reuters) - South Africa's government has agreed to give ailing state-owned logistics group Transnet a 51 billion rand ($2.8 billion) guarantee facility, the transport ministry said on Thursday.
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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