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July 07, 2010

Transnet secures loan to aid investment programme

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THE African Development Bank (ADB) has approved a loan of up to $US 400 million to help Transnet, South Africa, fund some of the rail projects included in its five-year, Rand 93.4 billion ($US 12.21 billion) capital investment programme. The group plans to spend a record Rand 22.8 billion in 2010-11 most of it on rail related infrastructure.

The ADB loan is in addition to Rand 4 billion that Transnet has already secured from other development-finance and export credit agencies over the past few years, a list that includes the French Agency for Development, Finnvera, Atradius, the Japanese Bank for International Cooperation and Aflac.
Transnet wants to raise Rand 41.1 billion over the next five years, of which Rand 35 billion will arise from debt capital markets with a further Rand 73.1 billion is to be generated internally. The group hopes to source around Rand 17.2 billion in 2010-11.

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