Transnet, China Development Bank sign infrastructure cooperation deal
State-owned freight group Transnet and China Development Bank have agreed to “cooperate, explore and identify” collaboration opportunities on Transnet’s R300-billion infrastructure upgrade programme.
The agreement, signed by the parties at the Union Buildings, in Pretoria, in late March, included the financing of the construction and upgrade of railway and port infrastructure, as well as the localisation of equipment manufacturing – especially rail and ports.
This will enable the State-owned entity to explore innovative funding options focusing on cost-effective solutions and diversity as part of its efforts to diversify funding sources for the capital investment programme.
About two-thirds of the required R300-billion funding will be raised from internal resources, while the remainder will be raised through various sources in the debt capital markets.
Transnet and China Devel- opment Bank also agreed to join forces on research and development initiatives, manufacturing, marketing and the construction of cross- border infrastructure throughout the continent.
“This historic agreement between two State-owned enti- ties within the Brics countries (Brazil, Russia, India, China and South Africa) illustrate the opportunities inherent in such diplomatic ties,” said Transnet CEO Brian Molefe in a statement.
The agreement is one of the various country-to-country collaboration agreements intended to strengthen econo- mic and trade relations among the different Brics countries, Transnet pointed out.
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