Transnet and Eskom should never have received loans from the New Development Bank, based on their poor financial track records, the Civil Brics Forum said on Monday ahead of the 10th Brics summit this week. The forum, a grouping of civil organisations also known as Track 3, held its press briefing with members of the steering committee of the local chapter in Johannesburg, where the forum presented a list of recommendations it has put to the Brics leaders’ forum through SA’s Brics sherpa, Anil Sooklal. Owen Ndidi, national chairperson of the Civil Brics Forum, said: "We have been saddened by the news that the New Development Bank has loaned Eskom and Transnet. "We felt that should not be the path that bank should take because many funds have been unaccounted for in those two entities.

"We thought at least renewable energy and other environmentally friendly sources should be funded by such a bank." Transnet received a $200m loan from the bank in May to rehabilitate container te...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now