Tag: Transnet

South Africa: African Development Bank approves ZAR 18.85 billion ($1 billion) corporate loan for Transnet’s business recovery plan

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In addition to the corporate loan, the African Development Bank is contemplating two targeted grants, including $750,000 in technical support from the Sustainable Energy Fund for Africa The African Development Bank Group (www.AfDB.org) has approved a ZAR 18.85 billion ($1 billion) corporate loan to Transnet, South Africa’s major freight transport and logistics company, for its recovery and growth plans.   The 25-year loan approved by the Bank Group’s Board of Directors on Friday, 12 July 2024, is fully guaranteed by the government of South Africa. It will facilitate the first…

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Transnet denounces World Bank Container Port Performance Index factual errors

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On 10 June 2024, Transnet met with World Bank representatives to discuss factual errors in its recent 2023 Container Port Performance Index (CPPI). The Bank incorrectly uses the duration of a vessel’s stay as a measure of container port cargo handling performance, relied on third party sample data and failed to give a measured terminal access to the data sample for verification prior to publication. Upon entering a port, a vessel is serviced by many role players before the actual loading and offloading of cargo, and these services contribute to…

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President Ramaphosa attends to state of South Africa’s logistics system

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President Ramaphosa met with the members of the Transnet board and the executive management team at the Union Buildings in Pretoria President Cyril Ramaphosa has directed Transnet to implement reforms swiftly and completely to turn around the crisis in South Africa’s logistics system.   President Ramaphosa met with the members of the Transnet board and the executive management team at the Union Buildings in Pretoria on, 28 March 2023, to discuss the challenges facing the country’s logistics system, including the declining performance of the freight rail network. Government has set…

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