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S.Africa’s Transnet to spend additional $6BN on ports, railways over three years

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Transnet - [https://southerncourier.co.za/wp-content/uploads/sites/36/2017/06/Transnet.jpg] Transnet - [https://southerncourier.co.za/wp-content/uploads/sites/36/2017/06/Transnet.jpg]

South Africa’s state-owned freight logistics group Transnet will invest an additional 84 billion rand ($6 billion) over the next three years to increase capacity at ports and railway lines, the Department of Public Enterprises (DPE) said on Wednesday.

However, Transnet does not expect to meet a target of 330 million tonnes of freight rail by the end of the 2018/19 financial year, due to a domestic and global economic downturn, the DPE’s latest annual report tabled in parliament showed.

($1 = 13.5709 rand)


 

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CNBCAFRICA

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