South Africa to provide R51bn guarantee to Transnet

South Africa’s transport ministry with the concurrence of the minister of finance agreed to provide a R51 billion ($2.8 billion) guarantee facility to Transnet, the nation’s beleaguered rail and ports operator.

The company will be able to access the funds immediately to support its “capital investment program and to enable it to meet its debt obligations,” the transport ministry said in a statement Thursday.

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