Transport: Transnet seals financing deals

TRANSNET, the state-owned port and rail operator, signed financing deals of R13 billion for the renewal of its locomotive fleet by General Electric (GE) and Bombardier. The Export-Import Bank of the US would guarantee R6bn in loans provided by Barclays Africa, Standard Bank and Old Mutual for the manufacture of 293 locomotives by GE, Transnet’s chief executive, Brian Molefe, said yesterday. Export Development Canada and Investec Bank would provide loans of R7bn for trains to be built by Bombardier, he said. – Bloomberg