BADGER
MICHAEL AVERY: Transnet still has to convince Treasury of Brics bank loan
An R18bn loan would be a large new debt for an SOE that recently breached its debt covenants
28 August 2023 - 05:00
News during the recent Brics summit that the New Development Bank (NDB) is planning to lend Transnet R18bn by the end of the year raises more questions than answers.
According to the bank’s vice-president and COO, Vladimir Kazbekov, quoted in this newspaper: “The loan itself will be for R18bn for Transnet for the modernisation of its locomotives.” This is a large slug of fresh debt for a state-owned enterprise (SOE) that recently breached its debt covenants...
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